Lafayette Square Empire BDC 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Securities Act File Number	814-01427
Entity Registrant Name	LAFAYETTE SQUARE USA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2807075
Entity Address, Address Line One	175 SW 7th St
Entity Address, Address Line Two	Unit 1911
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33130
City Area Code	786
Local Phone Number	598-2348
Title of 12(g) Security	Common Stock, par value $0.001 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,038,253
Entity Central Key	0001849089
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Investments, at fair value	$ 132,690	$ 84,343
Cash and cash equivalents	67,731	20,687
Deferred financing costs	201	306
Deferred offering costs	0	151
Interest receivable	273	90
Other assets	380	0
Total assets	201,275	105,577
Liabilities
Secured borrowings (see Note 5)	4,000	31,500
Accounts payable and accrued expenses	2,234	1,135
Distributions payable	1,297	0
Due to affiliate	340	120
Management fee payable (see Note 6)	348	167
Interest and financing payable	153	323
Incentive fee payable (see Note 6)	318	0
Administrative services fee payable (see Note 6)	143	550
Total liabilities	8,833	33,795
Commitments and Contingencies (See Note 7)
Net assets
Preferred stock, par value $0.001 per share (50,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022)	0	0
Common stock, par value $0.001 per share (450,000,000 shares authorized, 13,038,253 and 4,916,554 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	13	5
Paid-in capital in excess of par	193,022	72,610
Distributable earnings (losses)	(593)	(833)
Total net assets	192,442	71,782
Total liabilities and net assets	$ 201,275	$ 105,577
Net asset value per common share (in dollar per share)	$ 14.76	$ 14.60
Non-controlled/Non-affiliate Investments
Assets
Investments, at fair value	$ 105,465	$ 63,636
Non-controlled/Affiliate Investments
Assets
Investments, at fair value	$ 27,225	$ 20,707

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost	$ 132,650	$ 84,545
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party	Related Party
Preferred stock par value (in dollar per shares)	$ 0.001	$ 0.001
Preferred stock shares authorized (in shares)	50,000,000	50,000,000
Preferred stock shares issued (in shares)	0
Preferred stock shares outstanding (in shares)		0
Common stock par value (in dollar per shares)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	450,000,000	450,000,000
Common stock shares issued (in shares)	13,038,253	4,916,554
Common stock shares outstanding (in shares)	13,038,253	4,916,554
Non-controlled/Non-affiliate Investments
Amortized Cost	$ 105,480	$ 63,838
Non-controlled/Affiliate Investments
Amortized Cost	$ 27,170	$ 20,707

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Income:
Interest from cash and cash equivalents	$ 545,000	$ 0	$ 545,000	$ 0
Total investment income	4,334,000	21,000	7,590,000	21,000
Expenses:
General and administrative expenses	678,000	141,000	1,321,000	276,000
Interest and financing expenses (see Note 5)	548,000	61,000	886,000	95,000
Management fee (see Note 6)	348,000	2,000	604,000	2,000
Administrative services fee (see Note 6)	172,000	12,000	349,000	12,000
Organizational costs (See Note 2)	52,000	10,000	286,000	22,000
Incentive fee (see Note 6)	319,000	0	515,000	0
Professional fees	259,000	78,000	402,000	112,000
Directors' fees	80,000	8,000	160,000	16,000
Offering expenses	75,000	3,000	151,000	3,000
Total expenses, before expense support reimbursement	2,531,000	315,000	4,674,000	538,000
Expense support reimbursement (see Note 6)	329,000	(227,000)	329,000	(227,000)
Total expenses, including expenses support reimbursement	2,860,000	88,000	5,003,000	311,000
Net investment income (loss)	1,474,000	(67,000)	2,587,000	(290,000)
Net change in unrealized gains (losses) on investments:
Total net change in unrealized gains (losses) on investments	164,000	129,000	242,000	129,000
Net increase (decrease) in net assets resulting from operations	$ 1,638,000	$ 62,000	$ 2,829,000	$ (161,000)
Weighted average common shares outstanding, basic (in shares)	10,859,486	77,495	8,832,228	39,310
Weighted average common shares outstanding, diluted (in shares)	10,859,486	77,495	8,832,228	39,310
Net investment income (loss) per common share (basic) (in dollar per share)	$ 0.14	$ (0.86)	$ 0.29	$ (7.37)
Net investment income (loss) per common share (diluted) (in dollar per share)	0.14	(0.86)	0.29	(7.37)
Earnings (loss) per common share basic (in dollar per share)	0.15	0.80	0.32	(4.09)
Earnings (loss) per common share diluted (in dollar per share)	$ 0.15	$ 0.80	$ 0.32	$ (4.09)
Non-controlled/Non-affiliate Investments
Investment Income:
Cash	$ 3,056,000	$ 21,000	$ 5,645,000	$ 21,000
Fee income	5,000	0	10,000	0
Net change in unrealized gains (losses) on investments:
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments	236,000	129,000	187,000	129,000
Non-controlled/Affiliate Investments
Investment Income:
Cash	728,000		1,390,000	0
Fee income	0		0	0
Interest from cash and cash equivalents	545,000	0	545,000	0
Net change in unrealized gains (losses) on investments:
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments	$ (72,000)		$ 55,000	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)				4,916,554
Beginning balance	$ 127,848	$ (727)		$ 71,782	$ (504)
Issuance of common stock (in shares)				8,091,531
Issuance of common stock	65,097	26,206		$ 119,972	26,206
Reinvestment of stockholder distributions	448			448	0
Net increase in net assets from capital transactions	65,545			120,420
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	1,474	(67)		2,587	(290)
Net realized gain (loss)	0
Net change in unrealized gain (losses)	164	129		242	129
Total increase (decrease)	1,638	$ 26,268		2,829	$ 26,045
Distributable earnings	(2,589)			(2,589)
Total distributions to stockholders	(2,589)			(2,589)
Total increase (decrease) in net assets	$ 64,594			$ 120,660
Ending balance (in shares)	13,038,253	1,748,483		13,038,253	1,748,483
Ending balance	$ 192,442	$ 25,541		$ 192,442	$ 25,541
Common Stock
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)	8,615,542	700		4,916,554	700
Beginning balance	$ 9	$ 0	[1]	$ 5	$ 0	[1]
Issuance of common stock (in shares)	4,392,543	1,747,083		8,091,531	1,747,083
Issuance of common stock	$ 4	$ 2	[1]	$ 8	$ 2	[1]
Reinvestment of stockholder distributions (in shares)	30,168			30,168
Net increase in net assets from capital transactions (in shares)	4,422,711			8,121,699
Net increase in net assets from capital transactions	$ 4			$ 8
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease) (in shares)	0	1,747,083		0	1,747,083
Total increase (decrease)	$ 0	$ 2	[1]	$ 0	$ 2	[1]
Total increase (decrease) in net assets (in shares)	4,422,711			8,121,699
Total increase (decrease) in net assets	$ 4			$ 8
Ending balance (in shares)	13,038,253	1,747,783		13,038,253	1,747,783
Ending balance	$ 13	$ 2	[1]	$ 13	$ 2	[1]
Paid in Capital Excess of Par
Investment Company, Net Assets [Roll Forward]
Beginning balance	127,481	11		72,610	11
Issuance of common stock	65,093	26,204		119,964	26,204
Reinvestment of stockholder distributions	448			448
Net increase in net assets from capital transactions	65,541			120,412
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease)	0	26,204		0	26,204
Total increase (decrease) in net assets	65,541			120,412
Ending balance	193,022	26,215		193,022	26,215
Distributable Earnings (Losses)
Investment Company, Net Assets [Roll Forward]
Beginning balance	358	(738)		(833)	(515)
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	1,474	(67)		2,587	(290)
Net change in unrealized gain (losses)	164	129		242	129
Total increase (decrease)	1,638	62		2,829	(161)
Distributable earnings	(2,589)			(2,589)
Total distributions to stockholders	(2,589)			(2,589)
Total increase (decrease) in net assets	(951)			240
Ending balance	$ (593)	$ (676)		$ (593)	$ (676)
[1]Less than $1 as of December 31, 2021 and March 31, 2022.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 2,829	$ (161)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gain) loss on investments	(242)	(129)
Purchases of investments	(48,737)	(40,837)
Net accretion of discount on investments	(174)	(2)
Proceeds from sales and repayments of investments	806	138
Amortization of deferred financing costs	169	0
Changes in operating assets and liabilities:
Interest receivable	(183)	(10)
Deferred offering costs	151	(35)
Other assets	(380)	0
Accounts payable and accrued expenses	1,099	390
Management fee payable	181	2
Incentive fee payable	318	0
Administrative services fee payable	(407)	0
Interest and financing payable	(170)	11
Due to affiliate	220	525
Net cash provided by (used in) operating activities	(44,520)	(40,108)
Cash flows from financing activities
Proceeds from issuance of shares of common stock	119,972	26,206
Distributions paid	(844)	0
Proceeds from secured borrowings	54,048	17,000
Repayments of secured borrowings	(81,548)	0
Deferred financing costs	(64)	(397)
Net cash provided by (used in) financing activities	91,564	42,809
Net increase (decrease) in cash and cash equivalents	47,044	2,701
Cash and cash equivalents at beginning of period	20,687	8
Cash and cash equivalents at end of period	67,731	2,709
Supplemental information:
Interest expense paid	477	0
Shares issued from dividend reinvestment plan	$ 448	$ 0

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 132,650	$ 84,545
Fair Value	$ 132,690	$ 84,343
Percentages of Net Assets	69%	117.50%
Commercial Services & Supplies
Amortized Cost	$ 46,032	$ 39,024
Fair Value	45,739	38,647
Construction & Engineering
Amortized Cost	46,690	20,012
Fair Value	46,909	20,012
Health Care Providers & Services
Amortized Cost	7,866
Fair Value	$ 7,866
Percentages of Net Assets	4.10%
Hotels, Restaurants & Leisure
Amortized Cost	$ 3,476
Fair Value	3,476
IT Services
Amortized Cost	3,374
Fair Value	$ 3,374
Percentages of Net Assets	1.80%
Media
Amortized Cost	$ 25,212	25,509
Fair Value	25,326	25,684
Non-controlled/Non-affiliate Investments
Amortized Cost	105,480	63,838
Fair Value	$ 105,465	$ 63,636
Percentages of Net Assets	54.80%	88.70%
Non-controlled/Non-affiliate Investments | Commercial Services & Supplies
Amortized Cost	$ 18,862	$ 18,317
Fair Value	$ 18,514	$ 17,940
Percentages of Net Assets	9.60%	25%
Non-controlled/Non-affiliate Investments | Construction & Engineering
Amortized Cost	$ 46,690	$ 20,012
Fair Value	$ 46,909	$ 20,012
Percentages of Net Assets	24.30%	27.90%
Non-controlled/Non-affiliate Investments | Media
Amortized Cost	$ 25,212	$ 25,509
Fair Value	$ 25,326	$ 25,684
Percentages of Net Assets	13.20%	35.80%
Non-controlled/affiliated investments
Amortized Cost	$ 27,170	$ 20,707
Fair Value	$ 27,225	$ 20,707	$ 0
Percentages of Net Assets	14.20%	28.80%
Non-controlled/affiliated investments | Commercial Services & Supplies
Amortized Cost	$ 27,170	$ 20,707
Fair Value	$ 27,225	$ 20,707
Percentages of Net Assets	14.20%	28.80%
Non-controlled/affiliated investments | Hotels, Restaurants & Leisure
Amortized Cost	$ 3,476
Fair Value	$ 3,476
Percentages of Net Assets	1.80%
Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan
Reference Rate and Spread	7%
Interest Rate	12.51%
Par Amount/Shares (in shares)	3,500,000
Amortized Cost	$ 3,476
Fair Value	$ 3,476
Percentages of Net Assets	1.80%
Investment, Identifier [Axis]: Dartpoints Operating Company, LLC
Reference Rate and Spread	9.39%
Interest Rate	14.54%
Par Amount/Shares (in shares)	3,425,000
Amortized Cost	$ 3,374
Fair Value	$ 3,374
Percentages of Net Assets	1.80%
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 1
Reference Rate and Spread	8.45%	8.45%
Interest Rate	13.86%	12.86%
Par Amount/Shares (in shares)	4,181,000	4,234,000
Amortized Cost	$ 4,146	$ 4,191
Fair Value	$ 4,176	$ 4,234
Percentages of Net Assets	2.20%	5.90%
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 2
Reference Rate and Spread	8.45%	8.45%
Interest Rate	13.86%	13.18%
Par Amount/Shares (in shares)	21,175,000	21,450,000
Amortized Cost	$ 21,066	$ 21,318
Fair Value	$ 21,150	$ 21,450
Percentages of Net Assets	11%	29.90%
Investment, Identifier [Axis]: GK9 Global Companies, LLC
Fair Value	$ 27,225	$ 20,707	$ 0
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , Equity
Par Amount/Shares (in shares)	14,364	4,750
Amortized Cost	$ 4,881	$ 4,631
Fair Value	$ 5,000	$ 4,631
Percentages of Net Assets	2.60%	6.50%
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 1
Reference Rate and Spread	9%	9.50%
Interest Rate	14.50%	14.34%
Par Amount/Shares (in shares)	19,021,000	16,272,000
Amortized Cost	$ 18,880	$ 16,112
Fair Value	$ 18,856	$ 16,112
Percentages of Net Assets	9.80%	22.40%
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 2
Reference Rate and Spread	9%	9.50%
Interest Rate	14.50%	14.34%
Par Amount/Shares (in shares)	3,442,000	0
Amortized Cost	$ 3,409	$ (36)
Fair Value	$ 3,369	$ (36)
Percentages of Net Assets	1.80%	(0.10%)
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan
Reference Rate and Spread	6.75%
Interest Rate	11.67%
Par Amount/Shares (in shares)	8,179,000
Amortized Cost	$ 7,943
Fair Value	$ 7,943
Percentages of Net Assets	4.10%
Investment, Identifier [Axis]: Rotolo Consultants, Inc.
Amortized Cost	$ 3,147	$ 3,158
Fair Value	$ 3,148	$ 3,160
Percentages of Net Assets	1.60%	4.40%
Investment, Identifier [Axis]: Rotolo Consultants, Inc., , First lien senior secured loan
Reference Rate and Spread	7%	7.50%
Interest Rate	12.52%	12.23%
Par Amount/Shares (in shares)	3,191,000	3,209,000
Amortized Cost	$ 3,147	$ 3,158
Fair Value	$ 3,148	$ 3,160
Percentages of Net Assets	1.60%	4.40%
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 1
Reference Rate and Spread	7.50%	7.50%
Interest Rate	13%	12.34%
Par Amount/Shares (in shares)	20,149,000	20,000
Amortized Cost	$ 19,972	$ 20,049
Fair Value	$ 20,149	$ 20,049
Percentages of Net Assets	10.50%	27.90%
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 2
Reference Rate and Spread	7.50%	7.50%
Interest Rate	13%	12.34%
Par Amount/Shares (in shares)	0	0
Amortized Cost	$ (34)	$ (37)
Fair Value	$ 0	$ (37)
Percentages of Net Assets	0%	(0.10%)
Investment, Identifier [Axis]: Salt Dental Collective LLC
Reference Rate and Spread	7.50%
Interest Rate	12.69%
Par Amount/Shares (in shares)	7,980,000
Amortized Cost	$ 7,866
Fair Value	$ 7,866
Percentages of Net Assets	4.10%
Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan
Reference Rate and Spread	5.50%
Interest Rate	10.77%
Par Amount/Shares (in shares)	10,952,000
Amortized Cost	$ 10,849
Fair Value	$ 10,857
Percentages of Net Assets	5.60%
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1
Reference Rate and Spread	6.25%
Interest Rate	11.06%
Par Amount/Shares (in shares)	3,591,000
Amortized Cost	$ 3,539
Fair Value	$ 3,539
Percentages of Net Assets	1.80%
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2
Reference Rate and Spread	6.25%
Interest Rate	11.30%
Par Amount/Shares (in shares)	4,489,000
Amortized Cost	$ 4,421
Fair Value	$ 4,421
Percentages of Net Assets	2.30%
Investment, Identifier [Axis]: ZWR Holdings, Inc.
Amortized Cost	$ 15,715	$ 15,159
Fair Value	$ 15,366	$ 14,780
Percentages of Net Assets	8%	20.60%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , First lien senior secured loan 1
Reference Rate and Spread	6.45%	6.45%
Interest Rate	11.97%	11.13%
Par Amount/Shares (in shares)	3,964,000	3,442,000
Amortized Cost	$ 3,943	$ 3,422
Fair Value	$ 3,862	$ 3,334
Percentages of Net Assets	2%	4.60%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , First lien senior secured loan 2
Reference Rate and Spread	6.45%	6.45%
Interest Rate	11.97%	11.18%
Par Amount/Shares (in shares)	10,054,000	10,105,000
Amortized Cost	$ 9,992	$ 10,044
Fair Value	$ 9,853	$ 9,890
Percentages of Net Assets	5.10%	13.80%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Subordinated debt
Reference Rate and Spread	14%	14%
Interest Rate	14%	14%
Par Amount/Shares (in shares)	1,780,000	1,694,000
Amortized Cost	$ 1,780	$ 1,693
Fair Value	$ 1,651	$ 1,556
Percentages of Net Assets	0.90%	2.20%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Subordinated debt, Paid In Kind
Reference Rate and Spread	10%	10%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Warrants
Par Amount/Shares (in shares)	24,953	24,953
Fair Value	$ 0	$ 0
Percentages of Net Assets	0%	0%

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Total net assets	$ 192,442	$ 25,541	$ 192,442	$ 25,541	$ 71,782	$ (504)
Unfunded Commitment	9,771		9,771		12,995
Fair Value	132,690		132,690		84,343
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			84,343
Fair value, ending balance	132,690		132,690		84,343
Amortized Cost	$ 132,650		$ 132,650		$ 84,545
Percentages of Net Assets	69%		69%		117.50%
Commercial Services & Supplies
Fair Value	$ 45,739		$ 45,739		$ 38,647
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			38,647
Fair value, ending balance	45,739		45,739		38,647
Amortized Cost	46,032		46,032		39,024
Construction & Engineering
Fair Value	46,909		46,909		20,012
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			20,012
Fair value, ending balance	46,909		46,909		20,012
Amortized Cost	46,690		46,690		20,012
Media
Fair Value	25,326		25,326		25,684
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			25,684
Fair value, ending balance	25,326		25,326		25,684
Amortized Cost	25,212		25,212		25,509
Non-controlled/affiliated investments
Fair Value	27,225		27,225		20,707	0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			20,707	0	0
Gross Additions			6,639		20,707
Gross Reductions			(176)		0
Change in Unrealized Gains (Losses)			55		0
Fair value, ending balance	27,225		27,225		20,707
Investment Income			1,390		600
Amortized Cost	$ 27,170		$ 27,170		$ 20,707
Percentages of Net Assets	14.20%		14.20%		28.80%
Non-controlled/affiliated investments | Commercial Services & Supplies
Fair Value	$ 27,225		$ 27,225		$ 20,707
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			20,707
Fair value, ending balance	27,225		27,225		20,707
Amortized Cost	$ 27,170		$ 27,170		$ 20,707
Percentages of Net Assets	14.20%		14.20%		28.80%
Non-controlled/Non-affiliate Investments
Fair Value	$ 105,465		$ 105,465		$ 63,636
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			63,636
Change in Unrealized Gains (Losses)	236	$ 129	187	129
Fair value, ending balance	105,465		105,465		63,636
Amortized Cost	$ 105,480		$ 105,480		$ 63,838
Percentages of Net Assets	54.80%		54.80%		88.70%
Non-controlled/Non-affiliate Investments | Commercial Services & Supplies
Fair Value	$ 18,514		$ 18,514		$ 17,940
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			17,940
Fair value, ending balance	18,514		18,514		17,940
Amortized Cost	$ 18,862		$ 18,862		$ 18,317
Percentages of Net Assets	9.60%		9.60%		25%
Non-controlled/Non-affiliate Investments | Construction & Engineering
Fair Value	$ 46,909		$ 46,909		$ 20,012
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			20,012
Fair value, ending balance	46,909		46,909		20,012
Amortized Cost	$ 46,690		$ 46,690		$ 20,012
Percentages of Net Assets	24.30%		24.30%		27.90%
Non-controlled/Non-affiliate Investments | Media
Fair Value	$ 25,326		$ 25,326		$ 25,684
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			25,684
Fair value, ending balance	25,326		25,326		25,684
Amortized Cost	$ 25,212		$ 25,212		$ 25,509
Percentages of Net Assets	13.20%		13.20%		35.80%
Line of Credit
Unfunded Commitment	$ 9,771		$ 9,771		$ 12,995
Fair Value	(65)		(65)		(109)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			(109)
Fair value, ending balance	(65)		$ (65)		$ (109)
Delayed Draw Term Loan | ZWR Holdings, Inc. | Line of Credit
Unused Fee Rate			0.50%		0.50%
Unfunded Commitment	1,141		$ 1,141		$ 1,682
Fair Value	(23)		(23)		(36)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			(36)
Fair value, ending balance	(23)		$ (23)		$ (36)
Delayed Draw Term Loan | GK9 Global Companies, LLC | Line of Credit
Unused Fee Rate			0.50%		0.50%
Unfunded Commitment	4,880		$ 4,880		$ 7,563
Fair Value	(42)		(42)		(36)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			(36)
Fair value, ending balance	(42)		$ (42)		$ (36)
Revolving Credit Facility | Synergi, LLC | Line of Credit
Unused Fee Rate			0.50%		0.50%
Unfunded Commitment	3,750		$ 3,750		$ 3,750
Fair Value	0		0		(37)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			(37)
Fair value, ending balance	$ 0		$ 0		$ (37)
Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan
Reference Rate and Spread	7%		7%
Fair Value	$ 3,476		$ 3,476
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	$ 3,476		$ 3,476
Interest Rate	12.51%		12.51%
Par Amount/Shares (in shares)	3,500,000		3,500,000
Amortized Cost	$ 3,476		$ 3,476
Percentages of Net Assets	1.80%		1.80%
Investment, Identifier [Axis]: Dartpoints Operating Company, LLC
Reference Rate and Spread	9.39%		9.39%
Fair Value	$ 3,374		$ 3,374
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	$ 3,374		$ 3,374
Interest Rate	14.54%		14.54%
Par Amount/Shares (in shares)	3,425,000		3,425,000
Amortized Cost	$ 3,374		$ 3,374
Percentages of Net Assets	1.80%		1.80%
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 1
Reference Rate and Spread	8.45%		8.45%		8.45%
Fair Value	$ 4,176		$ 4,176		$ 4,234
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			4,234
Fair value, ending balance	$ 4,176		$ 4,176		$ 4,234
Interest Rate	13.86%		13.86%		12.86%
Par Amount/Shares (in shares)	4,181,000		4,181,000		4,234,000
Amortized Cost	$ 4,146		$ 4,146		$ 4,191
Percentages of Net Assets	2.20%		2.20%		5.90%
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 2
Reference Rate and Spread	8.45%		8.45%		8.45%
Fair Value	$ 21,150		$ 21,150		$ 21,450
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			21,450
Fair value, ending balance	$ 21,150		$ 21,150		$ 21,450
Interest Rate	13.86%		13.86%		13.18%
Par Amount/Shares (in shares)	21,175,000		21,175,000		21,450,000
Amortized Cost	$ 21,066		$ 21,066		$ 21,318
Percentages of Net Assets	11%		11%		29.90%
Investment, Identifier [Axis]: GK9 Global Companies, LLC
Fair Value	$ 27,225		$ 27,225		$ 20,707	$ 0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			20,707	$ 0	0
Gross Additions			6,639		20,707
Gross Reductions			(176)		0
Change in Unrealized Gains (Losses)			55		0
Fair value, ending balance	27,225		27,225		20,707
Investment Income			1,390		600
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , Equity
Fair Value	5,000		5,000		4,631
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			4,631
Fair value, ending balance	$ 5,000		$ 5,000		$ 4,631
Par Amount/Shares (in shares)	14,364		14,364		4,750
Amortized Cost	$ 4,881		$ 4,881		$ 4,631
Percentages of Net Assets	2.60%		2.60%		6.50%
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 1
Reference Rate and Spread	9%		9%		9.50%
Fair Value	$ 18,856		$ 18,856		$ 16,112
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			16,112
Fair value, ending balance	$ 18,856		$ 18,856		$ 16,112
Interest Rate	14.50%		14.50%		14.34%
Par Amount/Shares (in shares)	19,021,000		19,021,000		16,272,000
Amortized Cost	$ 18,880		$ 18,880		$ 16,112
Percentages of Net Assets	9.80%		9.80%		22.40%
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 2
Reference Rate and Spread	9%		9%		9.50%
Fair Value	$ 3,369		$ 3,369		$ (36)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			(36)
Fair value, ending balance	$ 3,369		$ 3,369		$ (36)
Interest Rate	14.50%		14.50%		14.34%
Par Amount/Shares (in shares)	3,442,000		3,442,000		0
Amortized Cost	$ 3,409		$ 3,409		$ (36)
Percentages of Net Assets	1.80%		1.80%		(0.10%)
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan
Reference Rate and Spread	6.75%		6.75%
Fair Value	$ 7,943		$ 7,943
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	$ 7,943		$ 7,943
Interest Rate	11.67%		11.67%
Par Amount/Shares (in shares)	8,179,000		8,179,000
Amortized Cost	$ 7,943		$ 7,943
Percentages of Net Assets	4.10%		4.10%
Investment, Identifier [Axis]: Rotolo Consultants, Inc.
Fair Value	$ 3,148		$ 3,148		$ 3,160
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			3,160
Fair value, ending balance	3,148		3,148		3,160
Amortized Cost	$ 3,147		$ 3,147		$ 3,158
Percentages of Net Assets	1.60%		1.60%		4.40%
Investment, Identifier [Axis]: Rotolo Consultants, Inc., , First lien senior secured loan
Reference Rate and Spread	7%		7%		7.50%
Fair Value	$ 3,148		$ 3,148		$ 3,160
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			3,160
Fair value, ending balance	$ 3,148		$ 3,148		$ 3,160
Interest Rate	12.52%		12.52%		12.23%
Par Amount/Shares (in shares)	3,191,000		3,191,000		3,209,000
Amortized Cost	$ 3,147		$ 3,147		$ 3,158
Percentages of Net Assets	1.60%		1.60%		4.40%
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 1
Reference Rate and Spread	7.50%		7.50%		7.50%
Fair Value	$ 20,149		$ 20,149		$ 20,049
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			20,049
Fair value, ending balance	$ 20,149		$ 20,149		$ 20,049
Interest Rate	13%		13%		12.34%
Par Amount/Shares (in shares)	20,149,000		20,149,000		20,000
Amortized Cost	$ 19,972		$ 19,972		$ 20,049
Percentages of Net Assets	10.50%		10.50%		27.90%
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 2
Reference Rate and Spread	7.50%		7.50%		7.50%
Fair Value	$ 0		$ 0		$ (37)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			(37)
Fair value, ending balance	$ 0		$ 0		$ (37)
Interest Rate	13%		13%		12.34%
Par Amount/Shares (in shares)	0		0		0
Amortized Cost	$ (34)		$ (34)		$ (37)
Percentages of Net Assets	0%		0%		(0.10%)
Investment, Identifier [Axis]: Salt Dental Collective LLC
Reference Rate and Spread	7.50%		7.50%
Fair Value	$ 7,866		$ 7,866
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	$ 7,866		$ 7,866
Interest Rate	12.69%		12.69%
Par Amount/Shares (in shares)	7,980,000		7,980,000
Amortized Cost	$ 7,866		$ 7,866
Percentages of Net Assets	4.10%		4.10%
Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan
Reference Rate and Spread	5.50%		5.50%
Fair Value	$ 10,857		$ 10,857
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	$ 10,857		$ 10,857
Interest Rate	10.77%		10.77%
Par Amount/Shares (in shares)	10,952,000		10,952,000
Amortized Cost	$ 10,849		$ 10,849
Percentages of Net Assets	5.60%		5.60%
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1
Reference Rate and Spread	6.25%		6.25%
Fair Value	$ 3,539		$ 3,539
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	$ 3,539		$ 3,539
Interest Rate	11.06%		11.06%
Par Amount/Shares (in shares)	3,591,000		3,591,000
Amortized Cost	$ 3,539		$ 3,539
Percentages of Net Assets	1.80%		1.80%
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2
Reference Rate and Spread	6.25%		6.25%
Fair Value	$ 4,421		$ 4,421
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	$ 4,421		$ 4,421
Interest Rate	11.30%		11.30%
Par Amount/Shares (in shares)	4,489,000		4,489,000
Amortized Cost	$ 4,421		$ 4,421
Percentages of Net Assets	2.30%		2.30%
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans
Unfunded Commitment	$ 9,771		$ 9,771		$ 12,995
Investment, Identifier [Axis]: ZWR Holdings, Inc.
Fair Value	15,366		15,366		14,780
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			14,780
Fair value, ending balance	15,366		15,366		14,780
Amortized Cost	$ 15,715		$ 15,715		$ 15,159
Percentages of Net Assets	8%		8%		20.60%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , First lien senior secured loan 1
Reference Rate and Spread	6.45%		6.45%		6.45%
Fair Value	$ 3,862		$ 3,862		$ 3,334
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			3,334
Fair value, ending balance	$ 3,862		$ 3,862		$ 3,334
Interest Rate	11.97%		11.97%		11.13%
Par Amount/Shares (in shares)	3,964,000		3,964,000		3,442,000
Amortized Cost	$ 3,943		$ 3,943		$ 3,422
Percentages of Net Assets	2%		2%		4.60%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , First lien senior secured loan 2
Reference Rate and Spread	6.45%		6.45%		6.45%
Fair Value	$ 9,853		$ 9,853		$ 9,890
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			9,890
Fair value, ending balance	$ 9,853		$ 9,853		$ 9,890
Interest Rate	11.97%		11.97%		11.18%
Par Amount/Shares (in shares)	10,054,000		10,054,000		10,105,000
Amortized Cost	$ 9,992		$ 9,992		$ 10,044
Percentages of Net Assets	5.10%		5.10%		13.80%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Subordinated debt
Reference Rate and Spread	14%		14%		14%
Fair Value	$ 1,651		$ 1,651		$ 1,556
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			1,556
Fair value, ending balance	$ 1,651		$ 1,651		$ 1,556
Interest Rate	14%		14%		14%
Par Amount/Shares (in shares)	1,780,000		1,780,000		1,694,000
Amortized Cost	$ 1,780		$ 1,780		$ 1,693
Percentages of Net Assets	0.90%		0.90%		2.20%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Subordinated debt, Paid In Kind
Reference Rate and Spread	10%		10%		10%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Warrants
Fair Value	$ 0		$ 0		$ 0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance			0
Fair value, ending balance	$ 0		$ 0		$ 0
Par Amount/Shares (in shares)	24,953		24,953		24,953
Percentages of Net Assets	0%		0%		0%
90 Days London Interbank Offered Rate (LIBOR)
Reference Rate and Spread	5.55%		5.55%		4.77%
90 Days Secured Overnight Financing Rate (SOFR)
Reference Rate and Spread	5%		5%		4.30%
30 Days Secured Overnight Financing Rate (SOFR)
Reference Rate and Spread	5.07%		5.07%

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Lafayette Square USA, Inc. (the “Company,” which term refers to either Lafayette Square USA, Inc. or Lafayette Square USA, Inc. together with its consolidated subsidiaries, as the context may require) is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On May 16, 2022, Lafayette Square Empire BDC, Inc. filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change its corporate name from “Lafayette Square Empire BDC, Inc.” to “Lafayette Square USA, Inc.,” effective May 16, 2022. In addition, for U.S. federal income tax purposes, the Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for the tax periods ending December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) for the tax period ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. The Company is externally managed by LS BDC Adviser, LLC (the “Adviser”) pursuant to an investment advisory and management agreement between the Company and the Adviser, dated August 7, 2023 (and as may be amended, the “Investment Advisory Agreement”). The Adviser is a subsidiary of Lafayette Square Holding Company, LLC (together with its controlled subsidiaries, including the Adviser and LS Administration, LLC, “Lafayette Square”). The Company invests in businesses that are primarily domiciled, headquartered and/or have a significant operating presence in each of the ten regions below, with a goal to invest at least 5% of its assets in each region over time. However, the Company anticipates that it could take time to invest substantially all of the capital it expects to raise in a geographically diverse manner due to general market conditions, the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies, and the potential for allocations to other affiliated investment vehicles which focus their investments on a specific region. As a result, at any point in time, the Company may have a disproportionate amount of investments in certain regions, and there can be no assurance that the Company will achieve geographic diversification across all ten regions. • Cascade Region: Alaska, Idaho, Oregon and Washington • Empire Region: New York, New Jersey, Connecticut and Pennsylvania • Far West Region: California, Hawaii and Nevada • Four Corners Region: Arizona, Colorado, New Mexico and Utah • Great Lakes Region: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin • Gulf Coast Region: Arkansas, Louisiana, Oklahoma and Texas • Mid-Atlantic Region: Delaware, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia and West Virginia and the District of Columbia • Northeast Region: Maine, Massachusetts, New Hampshire, Rhode Island and Vermont • Plains Region: Iowa, Kansas, Missouri, Montana, Nebraska, North Dakota, South Dakota and Wyoming • Southeast Region: Alabama, Georgia, Florida, Mississippi and the territory of Puerto Rico The Company’s investment objective is to generate favorable risk-adjusted returns, including current income and capital appreciation, from directly originated investments in middle market companies. The Company invests primarily in first and second lien loans and, to a lesser extent, in subordinated and mezzanine loans and equity and equity-like securities, including common stock, preferred stock and warrants. The Company defines middle market companies as those with annual revenues between $10 million and $1 billion, and annual earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of between $10 million and $100 million, although the Company may invest in larger or smaller companies. The Company also may purchase interests in loans, corporate bonds or other instruments through secondary market transactions. The Company formed a wholly owned subsidiary, LS BDC Holdings, LLC, a Delaware limited liability company, to hold certain equity or equity-like investments in portfolio companies. Additionally, the Company has formed a wholly owned subsidiary, Lafayette Square SBIC, LP (“SBIC LP”), a small business investment company (“SBIC”) licensed by the U.S. Small Business Administration (the "SBA"), to invest in eligible “small businesses” as defined by the SBA. SBIC LP received its SBIC license on February 1, 2023 (made effective as of January 27, 2023). SBA regulations currently permit SBIC LP to borrow up to $175.0 million in SBA-guaranteed debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of each subsidiary’s formation. All significant intercompany transactions and balances have been eliminated in such consolidation.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its consolidated financial statements. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Accounting Standards Codification, as issued by the Financial Accounting Standards Board (“ASC”) Topic 946—Financial Services—Investment Companies (“Topic 946”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and pursuant to Articles 6, 10 and 12 of Regulation S-X. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company deposits its cash in a financial institution and, at times, such deposits may exceed the Federal Deposit Insurance Corporation insurance limits. As of June 30, 2023 and December 31, 2022, the Company held $67,731 and $20,687 in cash and cash equivalents, respectively, of which no cash was restricted. Of the total cash and cash equivalents balance, $67,731 and $20,682 were held in an interest bearing account with U.S. Bank National Association as of June 30, 2023 and December 31, 2022, respectively. For the three and six months ended June 30, 2023 the Company earned $545 and $545, respectively, in interest on cash and cash equivalents balances, and the balance is included under Interest from cash and cash equivalents in Consolidated Statements of Operations. No interest was earned on cash balances for the three and six months ended June 30, 2022. Organization and Offering Costs Organization costs consist of costs incurred to establish the Company and enable it to do business legally. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of the common stock of the Company. The Company’s initial organizational costs incurred were expensed, and initial offering costs are being amortized over one year. The Company may incur organization and offering expenses of up to $1 million in connection with the formation of the Company and the offering of shares of its common stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. The Company reimburses the Adviser for the organization and offering costs it incurs on the Company’s behalf. If actual organization and offering costs incurred exceed $1 million, the Adviser or its affiliates will bear the excess costs. As of June 30, 2023, the Company has incurred $757 (since inception) of organization and offering costs. Deferred Financing Costs Deferred financing costs, incurred in connection with any credit facility (see Note 5) are deferred and amortized over the life of the respective credit facility. Indemnifications In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. Revenue Recognition Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Investment Income Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method or straight-line interest method, as applicable, and adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company collects such amount. Original Issue Discount Discounts to par on portfolio securities are accreted into income over the tenor of the instrument. Any remaining discount is accreted into income upon prepayment or redemption of the instrument. The Company then amortizes such amounts using the effective interest method as interest income over the expected life of the investment. PIK Interest The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest in cash may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income. This affects the amount the Company would be required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Fee Income Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, which are recorded as investment income when earned. Non-accrual loans A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date such loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, future payments are likely to remain current. Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company is deemed to "control" a portfolio company if it owns more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. Such investments in portfolio companies that the Company "controls" are referred to as "Control Investments." Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of a portfolio company if it owns between 5% and 25% of the portfolio company's outstanding voting securities or the Company is under common control with such portfolio company. We refer to such investments in Affiliated Persons as "Affiliated Investments." Investments which are neither Control Investments or Affiliated Investments are referred to as "Non-Controlled/Non-Affiliated investments." Fair Value of Financial Instruments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act (the "Valuation Rule"), which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022 (the "SEC Compliance Date"), the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. Income Taxes The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax periods ended December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax period ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. As a RIC, the Company would intend to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. The Company may be subject to regular federal and state corporate income tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that the Company elects to recognize upon RIC election or when recognized over the next five taxable years. The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized net tax benefits or unrecognized net tax liabilities related to uncertain income tax positions as of and through June 30, 2023. Distributions Distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company will authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed to shareholders at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act). Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Schedule of Investments [Abstract]
Investments	Investments The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments). as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value First lien senior secured loans $ 125,989 95.0 % $ 126,039 95.0 % Equity 4,881 3.7 % 5,000 3.8 % Subordinated debt 1,780 1.3 % 1,651 1.2 % Warrants — — % — — % Total $ 132,650 100.0 % $ 132,690 100.0 % December 31, 2022 Amortized Cost Fair Value First lien senior secured loans $ 78,221 92.5 % $ 78,156 92.7 % Equity 4,631 5.5 % 4,631 5.5 % Subordinated debt 1,693 2.0 % 1,556 1.8 % Warrants — — % — — % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2023 and December 31, 2022. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business: June 30, 2023 Amortized Cost Fair Value Mid-Atlantic $ 39,129 29.5 % $ 38,991 29.4 % Gulf Coast 31,733 23.9 % 31,848 24.0 % Southeast 27,170 20.5 % 27,225 20.5 % Great Lakes 18,792 14.2 % 18,800 14.2 % Four Corners 7,960 6.0 % 7,960 6.0 % Cascade 7,866 5.9 % 7,866 5.9 % Total $ 132,650 100.0 % $ 132,690 100.0 % December 31, 2022 Amortized Cost Fair Value Mid-Atlantic $ 35,171 41.6 % $ 34,792 41.3 % Gulf Coast 28,667 33.9 % 28,844 34.1 % Southeast 20,707 24.5 % 20,707 24.6 % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value Commercial Services & Supplies $ 46,032 34.8 % $ 45,739 34.5 % Media 25,212 19.0 % 25,326 19.1 % Construction & Engineering 46,690 35.2 % 46,909 35.4 % Hotels, Restaurants & Leisure 3,476 2.6 % 3,476 2.6 % Health Care Providers & Services 7,866 5.9 % 7,866 5.9 % IT Services 3,374 2.5 % 3,374 2.5 % Total $ 132,650 100.0 % $ 132,690 100.0 % December 31, 2022 Amortized Cost Fair Value Commercial Services & Supplies $ 39,024 46.2 % $ 38,647 45.8 % Media 25,509 30.2 % 25,684 30.5 % Construction & Engineering 20,012 23.6 % 20,012 23.7 % Total $ 84,545 100.0 % $ 84,343 100.0 %

Fair Value Measurements of Inve

Fair Value Measurements of Investments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements of Investments	Fair Value Measurements of InvestmentsFASB ASC 820, Fair Value Measurement (“ASC 820”), clarifies the definition of fair value as the amount that would be received in the sale of an asset or paid in the transfer of a liability in an orderly transaction between market participants at the measurement date. Where available, the Company uses quoted market prices based on the last sales price on the measurement date. In accordance with Topic 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). To the extent that fair value is based on inputs that are less observable, the determination of fair value requires a significant amount of management judgment. The three-tier hierarchy of inputs is summarized below. Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date. Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are not active, and fair value is determined through the use of models or other valuation methodologies. Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant management judgment and estimation. The inputs used by management in estimating the fair value of Level 3 investments may include valuations and other reporting provided by representatives of the portfolio companies, original transaction prices, recent transactions for identical or similar instruments, and comparisons to fair values of comparable investments, and may include adjustments to reflect illiquidity or non-transferability. The Adviser has policies with respect to its investments, which may assist the Adviser in assessing the quality of information provided by, or on behalf of, each portfolio investment and in determining whether such information continues to be provided by a reliable source or whether further investigation is necessary. Any such investigation, as applicable, may or may not require the Adviser to forego its normal reliance on the value supplied by, or on behalf of, such portfolio investment and to independently determine the fair value of the Company’s interest in such portfolio investments, consistent with the Adviser’s valuation procedures. The Company has engaged an independent third-party valuation provider, which performs valuation procedures to arrive at estimated valuation ranges of the investments on a quarterly basis. Investments that have been completed within the past three months are fair valued approximating cost unless there has been a material event since the completion date. If there has been a material event or material information that was not known as of the close of the transaction, the independent third-party valuation provider provides an independent valuation range. The types of valuation methodologies employed by the third-party valuation provider include discounted cash flow, recent financing and enterprise value valuation methodologies. Pursuant to the Valuation Rule, which became effective on the SEC Compliance Date, the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. The use of these valuation models requires significant estimation and judgment by the Adviser. While the Company believes its valuation methods are appropriate, other market participants may value identical assets differently than the Company at the measurement date. The methods used by the Company may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The Company may also have risk associated with its concentration of investments in certain geographic regions and industries. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Accordingly, the degree of judgment exercised by the Adviser in determining fair value is greatest for securities categorized in Level 3. The determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary. Such observable data may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy where the fair value measurement falls (in its entirety) is based on the lowest level input that is significant to the fair value measurement. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment, and observability of prices and inputs may be reduced for many investments. This condition could cause the investment to be reclassified to a lower level within the fair value hierarchy. The consolidated financial statements include portfolio investments at fair value of $132,690 and $84,343 as of June 30, 2023 and December 31, 2022, respectively. The fair value of the Company's portfolio investments was determined in good faith by the Company’s Board. Because of the inherent uncertainty of valuation, the determined values may differ significantly from the values that would have been used had a liquid market existed for the investments as of June 30, 2023 and December 31, 2022. The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of June 30, 2023 and December 31, 2022. June 30, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 126,039 $ 126,039 Subordinated Debt — — 1,651 1,651 Equity — — 5,000 5,000 Warrants — — — — Total Investments $ — $ — $ 132,690 $ 132,690 December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 78,156 $ 78,156 Subordinated Debt — — 1,556 1,556 Equity — — 4,631 4,631 Warrants — — — — Total Investments $ — $ — $ 84,343 $ 84,343 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2023: For the six months ended June 30, 2023 Investments First Lien Senior Secured Loans Subordinated Debt Equity Warrants Total Investments Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ 84,343 Purchases of investments and other adjustments to cost 48,401 86 250 — 48,737 Proceeds from sales and repayments of investments (806) — — — (806) Net realized gain (loss) — — — — — Net accretion of discount on investments 174 — — 174 Net change in unrealized gain (loss) on investments 114 9 119 — 242 Balance as of June 30, 2023 $ 126,039 $ 1,651 $ 5,000 $ — $ 132,690 For the six months ended June 30, 2023 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on June 30, 2023 was $242 as shown on the Consolidated Statements of Operations. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2022: For the six months ended June 30, 2022 Investments First Lien Senior Secured Loans Subordinated Debt Equity Warrants Total Investments Balance as of December 31, 2021 $ — $ — $ — $ — $ — Purchases of investments and other adjustments to cost 40,837 — — — 40,837 Proceeds from sales and repayments of investments (138) — — — (138) Net realized gain (loss) — — — — — Net accretion of discount on investments 2 — — — 2 Net change in unrealized gain (loss) on investments 129 — — — 129 Balance as of June 30, 2022 $ 40,830 $ — $ — $ — $ 40,830 For the six months ended June 30, 2022 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on June 30, 2022 was $129 as shown on the Consolidated Statements of Operations. Purchases of investments and other adjustments to costs include purchases of new investments at cost, accretion/amortization of income from discount/premium on debt securities and PIK. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period which the reclassifications occur. There were no transfers between Levels 1, 2 and 3 during the six months ended June 30, 2023. Significant Unobservable Inputs ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The table below is not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Company. The tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of June 30, 2023 and December 31, 2022. Range Fair Value, as of June 30, 2023 Valuation Technique Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 95,419 Discounted Cash Flow Discount Rate 9.1% 10.0% 13.7% First lien senior secured loans 30,620 Amortized Cost Cost N/A N/A N/A Subordinated Debt 1,651 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 5,000 Comparable Multiples EV/EBITDA 7.3x 7.0x 7.5x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 132,690 Range Fair Value, as of December 31, 2022 Valuation Technique Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 78,156 Discounted Cash Flow Discount Rate 12.8% 10.9% 14.7% Subordinated Debt 1,556 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 4,631 Comparable Multiples EV/EBITDA 8.0x 8.0x 8.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 84,343 The significant unobservable input used in the income approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future cash flows received from the underlying investment, which include both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call provisions.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to shares of our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150%, subject to receipt of certain approvals and compliance with certain disclosure requirements, immediately after each such issuance. Section 61(a) of the 1940 Act reduces the asset coverage requirements applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. In April 2021, our Board and initial stockholder approved the reduced asset coverage ratio. The reduced asset coverage requirements permit us to increase the maximum amount of leverage that we are permitted to incur by reducing the asset coverage requirements applicable to us from 200% to 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities as compared to $100 from borrowing and issuing senior securities for every $100 of net assets under 200% asset coverage requirement. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. Credit Facilities Subscription Facility On February 2, 2022, the Company entered into a revolving credit agreement with Sumitomo Mitsui Banking Corporation, which was amended on June 28, 2022 and December 21, 2022 (and as may be further amended, modified or supplemented, the “Subscription Facility”). The Subscription Facility allows the Company to borrow up to $38.4 million, subject to certain restrictions, including availability under a borrowing base based upon unused capital commitments made by investors in the Company. The amount of permissible borrowings under the Subscription Facility may be increased to up to $1 billion with the consent of the lenders. The Subscription Facility matures on February 2, 2024 and bears interest at an annual rate of: (i) with respect to reference rate loans, a reference rate for the period plus a margin equal to 1.80% (the "Applicable Margin") and (ii) with respect to alternative rate loans, the greatest of (a) the administrative agent's prime rate, (b) Term SOFR with a one-month term plus the Applicable Margin and (c) the federal funds rate plus 0.50%. Subject to certain exceptions, the Subscription Facility is secured by a first lien security interest in the Company’s unfunded investor equity capital commitments. The Subscription Facility includes customary covenants, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature. As of June 30, 2023 and December 31, 2022, the Company had $4.0 million and $31.5 million, respectively, in outstanding borrowings from the Subscription Facility. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Subscription Facility for the three and six months ended June 30, 2023 and June 30, 2022: For the three months ended June 30, 2023 For the three months ended June 30, 2022 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Interest expense 133 4 299 4 Non-usage fee (1) 20 11 42 16 Amortization of financing costs 100 46 169 75 Weighted average stated interest rate 8.09 % 4.75 % 7.10 % 4.75 % Weighted average outstanding balance (2) $ 6,593 $ 17,000 $ 8,497 $ 17,000 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. SBA Debentures SBIC LP is able to borrow funds from the SBA against its regulatory capital (which approximates equity capital in SBIC LP) that is paid in and is subject to customary regulatory requirements, including, but not limited to, periodic examination by the SBA. As of June 30, 2023, we funded SBIC LP with $37.0 million of regulatory capital, and have no SBA-guaranteed debentures outstanding. SBA debentures are non-recourse to us, have a 10-year maturity, and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. SBA current regulations limit the amount that SBIC LP may borrow to a maximum of $175.0 million, which is up to twice its potential regulatory capital. SBICs are designed to stimulate the flow of capital to eligible small businesses and are prohibited from investing in companies outside of the United States. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $24.0 million and have average annual net income after U.S. federal income taxes not exceeding $8.0 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to ‘‘smaller enterprises’’ as defined by the SBA. A smaller enterprise is one that has a tangible net worth not exceeding $6.0 million and has average annual net income after U.S. federal income taxes not exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services. SBIC LP is subject to regulation and oversight by the SBA, including requirements with respect to maintaining certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that SBIC LP will receive SBA guaranteed debenture funding, which is dependent upon SBIC LP continuing to be in compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to SBIC LP’s assets over our stockholders in the event we liquidate SBIC LP or the SBA exercises its remedies under the SBA-guaranteed debentures issued by SBIC LP upon an event of default. Repurchase Obligations In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie US Trading LLC (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (the “Macquarie Transaction”). The Company entered into a repurchase agreement on March 15, 2023 which was collateralized by the Company’s term loan to Synergi, LLC. Interest under this Repurchase Obligations was calculated as (a) the product of the funded amount of the loan and (b) the product of (i) the number of days the loan is outstanding (subject to number of minimum days per the agreement) and (ii) daily fee rate. The Company maintained effective control over the security because it is entitled and obligated to repurchase the security before its maturity. Therefore, the repurchase agreement was treated as a secured borrowing and not a sale. On June 2, 2023 the Company repurchased its obligation under the repurchase agreement. As of June 30, 2023, there was no outstanding loan and interest payable balance to Macquarie. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Repurchase Obligation for the three and six months ended June 30, 2023 and June 30, 2022: For the three months ended June 30, 2023 For the three months ended June 30, 2022 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Interest expense 295 — 376 — Weighted average stated interest rate 8.66 % — % 8.67 % — % Weighted average outstanding balance $ 13,659 $ — $ 8,750 $ — The facilities of the Company consist of the following: June 30, 2023 December 31, 2022 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 4,000 $ 34,400 $ 38,400 $ 31,500 $ 6,900 Total $ 38,400 $ 4,000 $ 34,400 $ 38,400 $ 31,500 $ 6,900

Related Party Agreements and Tr

Related Party Agreements and Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Agreements and Transactions	Related Party Agreements and Transactions Investment Advisory Agreement Under the Investment Advisory Agreement, the Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. The Board approved the Investment Advisory Agreement on April 26 2021 and approved its renewal on June 23, 2023. The Adviser is a registered investment adviser with the SEC. The Adviser receives fees for providing services, consisting of two components, a base management fee and an incentive fee. Base Management Fee: The base management fee (“Management Fee”) is payable quarterly in arrears beginning in the period during the Initial Drawdown at an annual rate of (i) prior to a Liquidity Event, 0.75%, and (ii) following a Liquidity Event, 1.0%, in each case of the average value of our gross assets (gross assets equal the total assets of the Company as set forth on the Company’s Consolidated Statements of Assets and Liabilities) at the end of the two most recently completed calendar quarters. No Management Fee is charged on committed but undrawn capital commitments. We define a “Liquidity Event” as the earliest to occur of: (1) a quotation or listing of our common stock on a national securities exchange, including an initial public offering or (2) a Sale Transaction. A “Sale Transaction” means (a) the sale of all or substantially all of our capital stock or assets to, or another liquidity event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in each case for consideration of either cash and/or publicly listed securities of the acquirer. Potential acquirers could include entities that are not BDCs that are advised by the Adviser or its affiliates. For the three and six months ended June 30, 2023, the Company incurred Management Fee expense of $348 and $604, respectively. For the three and six months ended June 30, 2022, the Company incurred Management Fee expense of $2 and $2, respectively. As of June 30, 2023 and December 31, 2022, $348 and $167, respectively, remained payable. Incentive Fee: The Company also pays the Adviser an incentive fee consisting of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”), and (ii) the capital gains component of the incentive fee (the “Capital Gains Fee”) of which is described in more detail below. The Income-Based Fee, is based on Pre-Incentive Fee Net Investment Income Returns and is determined and payable in arrears as of the end of each calendar year. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement), and any interest expense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee. Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). Prior to a Liquidity Event, we pay the Adviser the Income-Based Fee as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%; • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.47% (5.88% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.47%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.47% in any calendar quarter; and • 15% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.47% (5.88% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. Following a Liquidity Event, we will pay the Adviser the Income-Based Fee as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%; • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.47% (5.88% annualized). The “catch-up” is meant to provide the Adviser with approximately 17.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.47% in any calendar quarter; and • 17.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.47% (5.88% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. For the three and six months ended June 30, 2023, the Company incurred Income-Based Fee of $319 and $515, respectively. For the three and six months ended June 30, 2022, the Company did not incur any Income-Based Fee. As of June 30, 2023 and December 31, 2022, $318 and $0, respectively, remained payable. The second part of the incentive fee, the Capital Gains Fee, is determined and payable in arrears as of the end of each calendar year (or at the time of a Liquidity Event). The Capital Gains Fee is equal to 15% of (1) realized capital gains less (2) realized capital losses, less unrealized capital losses on a cumulative basis from inception through the day before the Liquidity Event, less the aggregate amount of any previously paid Capital Gains Fee. Prior to a Liquidity Event, the Capital Gains Fee equals: • 15% of cumulative realized capital gains less all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of such calendar year (or upon a Liquidity Event), less the aggregate amount of any previously paid Capital Gains Fee as calculated in accordance with GAAP. Following a Liquidity Event, the amount payable equals: • 17.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fee as calculated in accordance with GAAP. If a Liquidity Event occurs on a date other than the first day of a fiscal year, the Capital Gains Fee will be calculated as of the day before the Liquidity Event, with such Capital Gains Fee paid to the Adviser annually following the end of the fiscal year in which the Liquidity Event occurred. Solely for purposes of calculating the Capital Gains Fee after a Liquidity Event, the Company will be deemed to have previously paid a Capital Gains Fee prior to a Liquidity Event equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid Capital Gains Fee for all periods prior to a Liquidity Event by (b) the percentage obtained by dividing (x) 17.5% by (y) 15%. Each year, the Capital Gains Fee is calculated net of the aggregate amount of any previously paid Capital Gains Fee for all prior periods. We will accrue, but will not pay, a Capital Gains Fee with respect to unrealized appreciation because a Capital Gains Fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement exceed the amount permitted by the Investment Advisers Act of 1940, as amended (the “Advisers Act”), including Section 205 thereof. For the purpose of computing the Capital Gains Fee, the calculation methodology looks through derivative financial instruments or swaps as if we owned the reference assets directly. For the three and six months ended June 30, 2023 and June 30, 2022, there were no Capital Gains Fees incurred. Administration Agreement Pursuant to the administration agreement between the Company and LS Administration, LLC (the “Administration Agreement”), LS Administration, LLC (the “Administrator”) furnishes the Company with office space, office services, and equipment. Under the Administration Agreement, our Administrator performs or oversees the performance of our required administrative services, which include providing assistance in accounting, legal, compliance, operations, technology, internal audit, and investor relations, and loan agency services (including any third party service providers related to the foregoing) and being responsible for the financial records that we are required to maintain and preparing reports to our stockholders and reports filed with the SEC. In addition, our Administrator assists us in determining and publishing our net asset value, overseeing the preparation and filing of our tax returns and the printing and disseminating reports to our stockholders, assessing our internal controls under the Sarbanes-Oxley Act, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others. Payments under the Administration Agreement are equal to an amount that reimburses our Administrator for its costs and expenses. This includes an allocable portion of expenses incurred by our Administrator in performing its obligations under the Administration Agreement and our allocable portion of the compensation paid to our Chief Compliance Officer and Chief Financial Officer and their respective staffs. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. Additionally, we ultimately bear the costs of any sub-administration agreements that our Administrator may enter into. Our Administrator reserves the right to waive all or part of any reimbursements due from us at its sole discretion. The Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, our Administrator and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it will be entitled to indemnification from us for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our Administrator’s services under the Administration Agreement or otherwise as administrator for us. For the three and six months ended June 30, 2023, the Administrator incurred $172 and $349, respectively, in fees under the Administrative Agreement. For the three and six months ended June 30, 2022, the Administrator incurred $12 and $12, respectively, in fees under the Administrative Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, $143 and $550, respectively, were unpaid and included in administrative services fee payable in the accompanying Consolidated Statements of Assets and Liabilities. No administrative services fee was charged to the Company prior to the Company’s commencement of operations. Additionally, pursuant to a sub-administration agreement with SS&C Technologies, Inc. (“SS&C”), SS&C performs certain of the Company’s required administrative services, which include providing assistance in accounting, legal, compliance, operations, investor relations and technology, being responsible for the financial records that the Company is required to maintain and preparing reports to the Company’s stockholders and reports filed with the SEC. SS&C is also reimbursed for certain expenses it incurs on our behalf. Our Administrator and Adviser have entered into staffing agreements with affiliates of Lafayette Square pursuant to which such Lafayette Square affiliates agree to provide our Administrator and Adviser with access to certain legal, operations, financial, compliance, accounting, internal audit (in their role of performing our Sarbanes-Oxley Act internal control assessment), clerical and administrative personnel. Affiliated transactions The Adviser’s investment allocation policy seeks to ensure allocation of investment opportunities on a fair and equitable basis over time between the Company and other funds or investment vehicles managed by the Adviser or its affiliates. It is expected that the Company may have overlapping investment strategies with such affiliated funds and/or investment vehicles, but there are prohibitions under the 1940 Act from participating in certain transactions with such affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. As a result, the Company, the Adviser and certain of their affiliates applied for, and have been granted, exemptive relief by the SEC for the Company to co-invest with other funds or investment vehicles managed by the Adviser or certain of its affiliates, in a manner consistent with the requirements of the Company’s organizational documents and investment strategy as well as applicable laws and regulations and the Adviser’s fiduciary duties. As a result of such exemptive relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of such other affiliated entities that avail themselves of such exemptive relief and that have an investment objective similar to the Company. In addition, any transaction fees (including break-up or commitment fees, but excluding transaction fees contemplated by Section 17(e) or 57(k) of the 1940 Act, as applicable, which are retained by the Adviser, to the extent permitted by applicable law) received in connection with a co-investment transaction among the Company and its affiliated entities are distributed to the participating entities (including the Company) on a pro rata basis based on the amounts they invested or committed, as the case may be, in such transaction. Due to Affiliate The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. After the commencement of operations these expenses are reimbursed on an ongoing basis. As of June 30, 2023 and December 31, 2022, $340 and $120, respectively, were included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities for reimbursable expenses, that were paid by the Administrator on behalf of the Company. Expense Support and Conditional Reimbursement Agreement On December 30, 2021, the Company entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser. The Adviser may elect to pay certain Company expenses on the Company’s behalf (each, an “Expense Payment”); provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company are referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's inception: For the Period Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payments June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 225 June 30, 2023 — (329) (329) Total $ 452 $ (329) $ 123

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2023 and December 31, 2022, the Company was not subject to any legal proceedings, although the Company may, from time to time, be involved in litigation arising out of operations in the normal course of business or otherwise. The Company has and may in the future become obligated to fund commitments such as delayed draw commitments. As of June 30, 2023 and December 31, 2022, the fair value of unfunded commitments held by the Company was $(65) and $(109), respectively, as shown on the Consolidated Schedule of Investments. The Company had the following unfunded commitments to fund delayed draw loans as of the indicated dates: June 30, 2023 December 31, 2022 Unfunded delayed draw and revolving senior secured loans $ 9,771 $ 12,995 Total unfunded commitments $ 9,771 $ 12,995

Directors Fees

Directors Fees	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Directors Fees	Directors FeesAs of June 27, 2022, in connection with the conversion of Lafayette Square Empire BDC, LLC to Lafayette Square USA, Inc., the independent directors receive an annual fee of $100 (prorated for any partial year). In addition, the chair of the Audit Committee receives an additional annual fee of $20 (prorated for any partial year). Prior to that, independent directors received an annual fee of $10 (prorated for any partial year). We are also authorized to pay the reasonable out-of-pocket expenses for each independent director incurred in connection with the fulfillment of his or her duties as independent directors (provided that such compensation will only be paid if the committee meeting is not held on the same day as any regular meeting of the Board).For the three and six months ended June 30, 2023, the Company incurred $80 and $160, respectively, of directors’ fees expenses, which were paid by a related party of the Adviser and are included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2022, the Company incurred $8 and $16, respectively, of directors’ fees expenses, which were paid by a related party of the Adviser and are included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities.

Share Data and Distributions

Share Data and Distributions	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Share Data and Distributions	Share Data and Distributions Earnings per Share The following table sets forth the computation of basic and diluted earnings per share; for the three and six months ended June 30, 2023 and June 30, 2022: For the three months ended June 30, 2023 For the three months ended June 30, 2022 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 1,638 $ 62 $ 2,829 $ (161) Weighted average common shares outstanding 10,859,486 77,495 8,832,228 39,310 Earnings (loss) per common share (basic and diluted): $ 0.15 $ 0.80 $ 0.32 $ (4.09) Capital Activity The Company is authorized to issue 50,000,000 shares of preferred stock at a par value of $0.001 per share and 450,000,000 shares of common stock at a par value of $0.001 per share. The Company has entered into subscription agreements in which investors have made capital commitments to purchase shares of the Company's common stock (the “Subscription Agreements”) with several investors, providing for the private placement of the Company’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s common stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to the adjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions on an as-needed basis as determined by the Company with a minimum of ten business days prior notice. As of June 30, 2023 and December 31, 2022, the Company had closed capital commitments totaling $353.4 million, $196.6 million, respectively, for the private placement of the Company's common stock, of which $160.6 million and $73.9 million, respectively, were unfunded. Share Issuance Date Shares Issued Amount January 26, 2023 2,510,396 $ 37,129 March 28, 2023 1,188,592 17,746 June 27, 2023 4,392,543 65,097 Total 8,091,531 $ 119,972 Distributions Distributions to common stockholders are recorded on the ex-dividend date. The Company intends to elect to be taxed as a RIC under the Code for its taxable year ending December 31, 2023, and for future taxable years. The Company will be required to distribute dividends each tax year as a RIC to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under Subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment. The Company has adopted the DRIP that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors, unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. The Company reserves the right to use primarily newly issued shares to implement the DRIP, whether the shares are trading at a price per share at or above NAV. NAV is determined as of the latest available quarter end before such distribution. However, the Company reserves the right to purchase shares in the open market in connection with the implementation of the DRIP. In the event the price per share is trading at a discount to NAV, the Company intends to purchase shares in the open market rather than issue new shares. The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP: Date Declared Record Date Payment Date Amount Per Share April 21, 2023 April 21, 2023 May 15, 2023 $0.15 June 23, 2023 June 23, 2023 August 14, 2023 $0.15

Tax Matters

Tax Matters	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Tax Matters	Tax Matters The Company is subject to the U.S. federal income tax rules and filing requirements. The Company is expected to have minimal or no income subject to tax and therefore no provision has been included for taxes due. The Company intends to elect to be treated, and qualify annually thereafter, as a RIC under Subchapter M of the Code. As a result, the Company generally does not expect to be subject to U.S. federal income taxes. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of June 30, 2023. In the normal course of business, the Company is subject to examination by federal and certain state and local tax regulators. The Company adopted a tax year-end of December 31. The Company's taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income earned in each period and carried forward for distribution in the following period may be different than this estimate. As of June 30, 2023, the Company had a $110 short-term limited capital loss carryforward from its prior C-corporation tax year end that can be used to offset future capital gains for 5 years and expires on December 31, 2027. For income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof. The tax character of distributions paid for the period ended June 30, 2023 was as follows (in thousands): For the six months ended June 30, 2023 For the year ended December 31, 2022 Ordinary Income $ 2,589 $ — Long-term Capital Gain $ — $ — Return of Capital $ — $ — The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes (in thousands): June 30, 2023 December 31, 2022 Tax cost $ 132,650 $ 84,545 Gross unrealized appreciation $ 453 $ 177 Gross unrealized depreciation (413) (379) Net unrealized investment appreciation / (depreciation) on investments $ 40 $ (202) The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax periods ended December 31, 2021 and December 31, 2022. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. Components of the Company’s deferred tax assets and liabilities as of December 31, 2022 are as follows: For the year ended December 31, 2022 Deferred tax assets: Net operating loss carryforward $ 101 Capital loss carryforward 28 Net unrealized loss on investments 51 Organizational costs 31 Valuation allowance (211) Total deferred tax assets — Deferred tax liabilities: Total deferred tax liabilities — Net deferred tax assets and liabilities $ — The Company’s income tax provision consists of the following as of December 31, 2022: For the year ended December 31, 2022 Current tax (expense)/benefit: Federal $ — State and Local — Total current tax (expense)/benefit — Deferred tax (expense)/benefit: Federal 175 State and Local 36 Valuation allowance (211) Total deferred tax (expense)/benefit — Total income tax (expense)/benefit $ — Total income tax (expense) benefit for the Company differs from the amount computed by applying the federal statutory income tax rate of 21% to net increase (decrease) in net assets from operations for the year ended December 31, 2022, as follows: For the year ended December 31, 2022 Income tax benefit at federal statutory rate (21%) $ 100 State and local income tax benefit (net of federal detriment) 21 Prior year net operating loss carryforward 97 Organizational costs 33 Permanent differences (40) Valuation allowance (211) Total income tax (expense)/benefits $ — At December 31, 2022, the Company determined a valuation allowance was required. The Company’s assessment considered, among other matters, the nature, frequency and severity of current and cumulative losses, the duration of statutory carryforward periods and the associated risk that operating loss and capital loss carryforwards are limited or are likely to expire unused, and unrealized gains and losses on investments. Through the consideration of these factors, the Company determined that it is more likely than not that the Company’s net deferred tax asset would not be realized. As a result, the Company recorded a full valuation allowance with respect to its deferred tax asset for the year ended December 31, 2022. From time to time, the Company may modify its estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance as new information becomes available. Modifications to the Company’s estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles or related guidance or interpretations thereof, limitations imposed on or expirations of the Company’s net operating losses and capital loss carryovers (if any) and changes in applicable tax law could result in increases or decreases in the Company’s NAV per share, which could be material. As of December 31, 2022, the Company had a net operating loss carryforward for federal income tax purposes of $397. This net operating loss may be carried forward indefinitely but would not be useable to offset income in taxable years in which the Company qualifies as a RIC. As of December 31, 2022, the Company had a short term capital loss carryforward of $111.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2023
Investment Company [Abstract]
Financial Highlights	Financial Highlights Below is the schedule of financial highlights of the Company for the six months ended June 30, 2023 and June 30, 2022: Per Common Share Data: (1) For the six months ended June 30, 2023 For the six months ended June 30, 2022 Net asset value, beginning of period $ 14.60 $ (720.91) Net investment income (loss) 0.29 (7.37) Net realized and unrealized gain (loss) 0.03 3.28 Net increase (decrease) in net assets resulting from operations 0.32 (4.09) Initial issuance of Common Stock — 739.61 Effect of offering price of subscriptions (2) 0.14 — Distributions declared (0.30) — Net asset value, end of period $ 14.76 $ 14.61 Total return based on NAV (3) 1.10 % (102.03) % Common shares outstanding, end of period 13,038,253 1,748,483 Weighted average shares outstanding 8,832,228 39,310 Net assets, end of period $ 192,442 $ 25,541 Ratio/Supplemental data (4) : Ratio of net investment income (loss) to average net assets 4.47 % (9.78) % Ratio of expenses to average net assets 7.24 % 10.29 % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets 4.15 % 10.69 % Weighted average debt outstanding (5) $ 17,247 $ 17,000 Total debt outstanding $ 4,000 $ 17,000 Asset coverage ratio per unit $ 49,110 $ 2,502 Portfolio turnover — % N/A (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through June 30, 2023 and June 30, 2022. (2) Increase (decrease) is due to the offering price of subscriptions during the period (See note 9). (3) Total return is based upon the change in net asset value per share between the opening and ending net assets per share and the issuance of common stock in the period. Total return is not annualized. (4) Annualized, except for organizational expenses, which are non-recurring. (5) The Company's initial borrowing occurred on June 29, 2022.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. Other than the subsequent event disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements. On July 5, 2023, SBIC LP was awarded a commitment from the SBA in the form of debentures in an amount equal to $36,960. Through the date of issuance of the consolidated financial statements, SBIC LP has not drawn any debentures on this commitment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 1,638	$ 62	$ 2,829	$ (161)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

N-2

N-2 - $ / shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cover [Abstract]
Entity Central Index Key	0001849089
Amendment Flag	false
Securities Act File Number	814-01427
Document Type	10-Q
Entity Registrant Name	LAFAYETTE SQUARE USA, INC.
Entity Address, Address Line One	175 SW 7th St
Entity Address, Address Line Two	Unit 1911
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33130
City Area Code	786
Local Phone Number	598-2348
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Other Annual Expenses [Abstract]
Management Fee not based on Net Assets, Note [Text Block]	Directors FeesAs of June 27, 2022, in connection with the conversion of Lafayette Square Empire BDC, LLC to Lafayette Square USA, Inc., the independent directors receive an annual fee of $100 (prorated for any partial year). In addition, the chair of the Audit Committee receives an additional annual fee of $20 (prorated for any partial year). Prior to that, independent directors received an annual fee of $10 (prorated for any partial year). We are also authorized to pay the reasonable out-of-pocket expenses for each independent director incurred in connection with the fulfillment of his or her duties as independent directors (provided that such compensation will only be paid if the committee meeting is not held on the same day as any regular meeting of the Board).For the three and six months ended June 30, 2023, the Company incurred $80 and $160, respectively, of directors’ fees expenses, which were paid by a related party of the Adviser and are included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2022, the Company incurred $8 and $16, respectively, of directors’ fees expenses, which were paid by a related party of the Adviser and are included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities.
Financial Highlights [Abstract]
Senior Securities Coverage per Unit	$ 49,110		$ 2,502
General Description of Registrant [Abstract]
NAV Per Share	$ 14.76	$ 14.60	$ 14.61	$ (720.91)

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy	The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its consolidated financial statements. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Accounting Standards Codification, as issued by the Financial Accounting Standards Board (“ASC”) Topic 946—Financial Services—Investment Companies (“Topic 946”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and pursuant to Articles 6, 10 and 12 of Regulation S-X.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company deposits its cash in a financial institution and, at times, such deposits may exceed the Federal Deposit Insurance Corporation insurance limits.
Organization and Offering Costs	Organization and Offering Costs Organization costs consist of costs incurred to establish the Company and enable it to do business legally. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of the common stock of the Company. The Company’s initial organizational costs incurred were expensed, and initial offering costs are being amortized over one year.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs, incurred in connection with any credit facility (see Note 5) are deferred and amortized over the life of the respective credit facility.
Indemnifications	Indemnifications In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote.
Revenue Recognition	Revenue Recognition Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Investment Income Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method or straight-line interest method, as applicable, and adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company collects such amount. Original Issue Discount Discounts to par on portfolio securities are accreted into income over the tenor of the instrument. Any remaining discount is accreted into income upon prepayment or redemption of the instrument. The Company then amortizes such amounts using the effective interest method as interest income over the expected life of the investment. PIK Interest The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest in cash may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income. This affects the amount the Company would be required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Fee Income Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, which are recorded as investment income when earned. Non-accrual loans A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date such loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, future payments are likely to remain current.
Investment Classification	Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company is deemed to "control" a portfolio company if it owns more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. Such investments in portfolio companies that the Company "controls" are referred to as "Control Investments." Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of a portfolio company if it owns between 5% and 25% of the portfolio company's outstanding voting securities or the Company is under common control with such portfolio company. We refer to such investments in Affiliated Persons as "Affiliated Investments." Investments which are neither Control Investments or Affiliated Investments are referred to as "Non-Controlled/Non-Affiliated investments."
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies.
Income Taxes	Income Taxes The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax periods ended December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax period ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. As a RIC, the Company would intend to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. The Company may be subject to regular federal and state corporate income tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that the Company elects to recognize upon RIC election or when recognized over the next five taxable years. The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.
Distributions	Distributions Distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company will authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed to shareholders at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act).
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of Investments [Abstract]
Schedule of Investments	The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments). as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value First lien senior secured loans $ 125,989 95.0 % $ 126,039 95.0 % Equity 4,881 3.7 % 5,000 3.8 % Subordinated debt 1,780 1.3 % 1,651 1.2 % Warrants — — % — — % Total $ 132,650 100.0 % $ 132,690 100.0 % December 31, 2022 Amortized Cost Fair Value First lien senior secured loans $ 78,221 92.5 % $ 78,156 92.7 % Equity 4,631 5.5 % 4,631 5.5 % Subordinated debt 1,693 2.0 % 1,556 1.8 % Warrants — — % — — % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2023 and December 31, 2022. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business: June 30, 2023 Amortized Cost Fair Value Mid-Atlantic $ 39,129 29.5 % $ 38,991 29.4 % Gulf Coast 31,733 23.9 % 31,848 24.0 % Southeast 27,170 20.5 % 27,225 20.5 % Great Lakes 18,792 14.2 % 18,800 14.2 % Four Corners 7,960 6.0 % 7,960 6.0 % Cascade 7,866 5.9 % 7,866 5.9 % Total $ 132,650 100.0 % $ 132,690 100.0 % December 31, 2022 Amortized Cost Fair Value Mid-Atlantic $ 35,171 41.6 % $ 34,792 41.3 % Gulf Coast 28,667 33.9 % 28,844 34.1 % Southeast 20,707 24.5 % 20,707 24.6 % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value Commercial Services & Supplies $ 46,032 34.8 % $ 45,739 34.5 % Media 25,212 19.0 % 25,326 19.1 % Construction & Engineering 46,690 35.2 % 46,909 35.4 % Hotels, Restaurants & Leisure 3,476 2.6 % 3,476 2.6 % Health Care Providers & Services 7,866 5.9 % 7,866 5.9 % IT Services 3,374 2.5 % 3,374 2.5 % Total $ 132,650 100.0 % $ 132,690 100.0 % December 31, 2022 Amortized Cost Fair Value Commercial Services & Supplies $ 39,024 46.2 % $ 38,647 45.8 % Media 25,509 30.2 % 25,684 30.5 % Construction & Engineering 20,012 23.6 % 20,012 23.7 % Total $ 84,545 100.0 % $ 84,343 100.0 %

Fair Value Measurements of In_2

Fair Value Measurements of Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements of Investments, by Major Class	The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of June 30, 2023 and December 31, 2022. June 30, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 126,039 $ 126,039 Subordinated Debt — — 1,651 1,651 Equity — — 5,000 5,000 Warrants — — — — Total Investments $ — $ — $ 132,690 $ 132,690 December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 78,156 $ 78,156 Subordinated Debt — — 1,556 1,556 Equity — — 4,631 4,631 Warrants — — — — Total Investments $ — $ — $ 84,343 $ 84,343
Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2023: For the six months ended June 30, 2023 Investments First Lien Senior Secured Loans Subordinated Debt Equity Warrants Total Investments Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ 84,343 Purchases of investments and other adjustments to cost 48,401 86 250 — 48,737 Proceeds from sales and repayments of investments (806) — — — (806) Net realized gain (loss) — — — — — Net accretion of discount on investments 174 — — 174 Net change in unrealized gain (loss) on investments 114 9 119 — 242 Balance as of June 30, 2023 $ 126,039 $ 1,651 $ 5,000 $ — $ 132,690 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2022: For the six months ended June 30, 2022 Investments First Lien Senior Secured Loans Subordinated Debt Equity Warrants Total Investments Balance as of December 31, 2021 $ — $ — $ — $ — $ — Purchases of investments and other adjustments to cost 40,837 — — — 40,837 Proceeds from sales and repayments of investments (138) — — — (138) Net realized gain (loss) — — — — — Net accretion of discount on investments 2 — — — 2 Net change in unrealized gain (loss) on investments 129 — — — 129 Balance as of June 30, 2022 $ 40,830 $ — $ — $ — $ 40,830
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of June 30, 2023 and December 31, 2022. Range Fair Value, as of June 30, 2023 Valuation Technique Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 95,419 Discounted Cash Flow Discount Rate 9.1% 10.0% 13.7% First lien senior secured loans 30,620 Amortized Cost Cost N/A N/A N/A Subordinated Debt 1,651 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 5,000 Comparable Multiples EV/EBITDA 7.3x 7.0x 7.5x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 132,690 Range Fair Value, as of December 31, 2022 Valuation Technique Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 78,156 Discounted Cash Flow Discount Rate 12.8% 10.9% 14.7% Subordinated Debt 1,556 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 4,631 Comparable Multiples EV/EBITDA 8.0x 8.0x 8.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 84,343

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Subscription Facility for the three and six months ended June 30, 2023 and June 30, 2022: For the three months ended June 30, 2023 For the three months ended June 30, 2022 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Interest expense 133 4 299 4 Non-usage fee (1) 20 11 42 16 Amortization of financing costs 100 46 169 75 Weighted average stated interest rate 8.09 % 4.75 % 7.10 % 4.75 % Weighted average outstanding balance (2) $ 6,593 $ 17,000 $ 8,497 $ 17,000 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Repurchase Obligation for the three and six months ended June 30, 2023 and June 30, 2022: For the three months ended June 30, 2023 For the three months ended June 30, 2022 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Interest expense 295 — 376 — Weighted average stated interest rate 8.66 % — % 8.67 % — % Weighted average outstanding balance $ 13,659 $ — $ 8,750 $ —
Schedule of Line of Credit Facilities	The facilities of the Company consist of the following: June 30, 2023 December 31, 2022 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 4,000 $ 34,400 $ 38,400 $ 31,500 $ 6,900 Total $ 38,400 $ 4,000 $ 34,400 $ 38,400 $ 31,500 $ 6,900

Related Party Agreements and _2

Related Party Agreements and Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's inception: For the Period Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payments June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 225 June 30, 2023 — (329) (329) Total $ 452 $ (329) $ 123

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Financial Support for Nonconsolidated Entity	The Company had the following unfunded commitments to fund delayed draw loans as of the indicated dates: June 30, 2023 December 31, 2022 Unfunded delayed draw and revolving senior secured loans $ 9,771 $ 12,995 Total unfunded commitments $ 9,771 $ 12,995

Share Data and Distributions (T

Share Data and Distributions (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share; for the three and six months ended June 30, 2023 and June 30, 2022: For the three months ended June 30, 2023 For the three months ended June 30, 2022 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 1,638 $ 62 $ 2,829 $ (161) Weighted average common shares outstanding 10,859,486 77,495 8,832,228 39,310 Earnings (loss) per common share (basic and diluted): $ 0.15 $ 0.80 $ 0.32 $ (4.09)
Schedule of Share Issuances	Share Issuance Date Shares Issued Amount January 26, 2023 2,510,396 $ 37,129 March 28, 2023 1,188,592 17,746 June 27, 2023 4,392,543 65,097 Total 8,091,531 $ 119,972
Schedule of Dividends Declared	The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP: Date Declared Record Date Payment Date Amount Per Share April 21, 2023 April 21, 2023 May 15, 2023 $0.15 June 23, 2023 June 23, 2023 August 14, 2023 $0.15

Tax Matters (Tables)

Tax Matters (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule Of Distributions Paid To Shareholders	The tax character of distributions paid for the period ended June 30, 2023 was as follows (in thousands): For the six months ended June 30, 2023 For the year ended December 31, 2022 Ordinary Income $ 2,589 $ — Long-term Capital Gain $ — $ — Return of Capital $ — $ —
Schedule of Accumulated Gains (Losses) as Calculated on Tax Basis	The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes (in thousands): June 30, 2023 December 31, 2022 Tax cost $ 132,650 $ 84,545 Gross unrealized appreciation $ 453 $ 177 Gross unrealized depreciation (413) (379) Net unrealized investment appreciation / (depreciation) on investments $ 40 $ (202)
Schedule of Deferred Tax Assets and Liabilities	Components of the Company’s deferred tax assets and liabilities as of December 31, 2022 are as follows: For the year ended December 31, 2022 Deferred tax assets: Net operating loss carryforward $ 101 Capital loss carryforward 28 Net unrealized loss on investments 51 Organizational costs 31 Valuation allowance (211) Total deferred tax assets — Deferred tax liabilities: Total deferred tax liabilities — Net deferred tax assets and liabilities $ —
Schedule of Components of Income Tax Provision	The Company’s income tax provision consists of the following as of December 31, 2022: For the year ended December 31, 2022 Current tax (expense)/benefit: Federal $ — State and Local — Total current tax (expense)/benefit — Deferred tax (expense)/benefit: Federal 175 State and Local 36 Valuation allowance (211) Total deferred tax (expense)/benefit — Total income tax (expense)/benefit $ —
Schedule of Effective Income Tax Rate Reconciliation	Total income tax (expense) benefit for the Company differs from the amount computed by applying the federal statutory income tax rate of 21% to net increase (decrease) in net assets from operations for the year ended December 31, 2022, as follows: For the year ended December 31, 2022 Income tax benefit at federal statutory rate (21%) $ 100 State and local income tax benefit (net of federal detriment) 21 Prior year net operating loss carryforward 97 Organizational costs 33 Permanent differences (40) Valuation allowance (211) Total income tax (expense)/benefits $ —

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2023
Investment Company [Abstract]
Schedule of Financial Highlights	Below is the schedule of financial highlights of the Company for the six months ended June 30, 2023 and June 30, 2022: Per Common Share Data: (1) For the six months ended June 30, 2023 For the six months ended June 30, 2022 Net asset value, beginning of period $ 14.60 $ (720.91) Net investment income (loss) 0.29 (7.37) Net realized and unrealized gain (loss) 0.03 3.28 Net increase (decrease) in net assets resulting from operations 0.32 (4.09) Initial issuance of Common Stock — 739.61 Effect of offering price of subscriptions (2) 0.14 — Distributions declared (0.30) — Net asset value, end of period $ 14.76 $ 14.61 Total return based on NAV (3) 1.10 % (102.03) % Common shares outstanding, end of period 13,038,253 1,748,483 Weighted average shares outstanding 8,832,228 39,310 Net assets, end of period $ 192,442 $ 25,541 Ratio/Supplemental data (4) : Ratio of net investment income (loss) to average net assets 4.47 % (9.78) % Ratio of expenses to average net assets 7.24 % 10.29 % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets 4.15 % 10.69 % Weighted average debt outstanding (5) $ 17,247 $ 17,000 Total debt outstanding $ 4,000 $ 17,000 Asset coverage ratio per unit $ 49,110 $ 2,502 Portfolio turnover — % N/A (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through June 30, 2023 and June 30, 2022. (2) Increase (decrease) is due to the offering price of subscriptions during the period (See note 9). (3) Total return is based upon the change in net asset value per share between the opening and ending net assets per share and the issuance of common stock in the period. Total return is not annualized. (4) Annualized, except for organizational expenses, which are non-recurring. (5) The Company's initial borrowing occurred on June 29, 2022.

Organization (Details)

Organization (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) region	Jan. 27, 2023 USD ($)
Schedule of Investments [Line Items]
Number of regions | region	10
SBA Debentures | SBIC LP
Schedule of Investments [Line Items]
SBIC available long-term capital	$ 175	$ 175
SBA Debenture Regulatory Capital | SBIC LP
Schedule of Investments [Line Items]
SBIC available long-term capital		$ 87.5
Minimum
Schedule of Investments [Line Items]
Investment goal as a percentage of assets in each region	5%
Minimum | Middle Market Companies
Schedule of Investments [Line Items]
Investments, annual revenues	$ 10
Investment annual EBITDA	10
Maximum | Middle Market Companies
Schedule of Investments [Line Items]
Investments, annual revenues	1,000
Investment annual EBITDA	$ 100

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended		14 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 67,731,000		$ 67,731,000		$ 67,731,000	$ 20,687,000
Interest from cash and cash equivalents	545,000	$ 0	545,000	$ 0
Offering costs, threshold amount for reimbursement, value	1,000,000		1,000,000		1,000,000
Deferred offering costs since inception					757,000
Interest-Bearing Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 67,731,000		$ 67,731,000		$ 67,731,000	$ 20,682,000

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 132,650	$ 84,545
Fair Value	132,690	84,343
Commercial Services & Supplies
Schedule of Investments [Line Items]
Amortized Cost	46,032	39,024
Fair Value	45,739	38,647
Media
Schedule of Investments [Line Items]
Amortized Cost	25,212	25,509
Fair Value	25,326	25,684
Construction & Engineering
Schedule of Investments [Line Items]
Amortized Cost	46,690	20,012
Fair Value	46,909	20,012
Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Amortized Cost	3,476
Fair Value	3,476
Health Care Providers & Services
Schedule of Investments [Line Items]
Amortized Cost	7,866
Fair Value	7,866
IT Services
Schedule of Investments [Line Items]
Amortized Cost	3,374
Fair Value	3,374
Mid-Atlantic
Schedule of Investments [Line Items]
Amortized Cost	39,129	35,171
Fair Value	38,991	34,792
Gulf Coast
Schedule of Investments [Line Items]
Amortized Cost	31,733	28,667
Fair Value	31,848	28,844
Southeast
Schedule of Investments [Line Items]
Amortized Cost	27,170	20,707
Fair Value	27,225	$ 20,707
Great Lakes
Schedule of Investments [Line Items]
Amortized Cost	18,792
Fair Value	18,800
Four Corners
Schedule of Investments [Line Items]
Amortized Cost	7,960
Fair Value	7,960
Cascade
Schedule of Investments [Line Items]
Amortized Cost	7,866
Fair Value	$ 7,866
Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%	100%
Amortized Cost | Investment Type Concentration Risk | Commercial Services & Supplies
Schedule of Investments [Line Items]
Concentration risk, percentage	34.80%	46.20%
Amortized Cost | Investment Type Concentration Risk | Media
Schedule of Investments [Line Items]
Concentration risk, percentage	19%	30.20%
Amortized Cost | Investment Type Concentration Risk | Construction & Engineering
Schedule of Investments [Line Items]
Concentration risk, percentage	35.20%	23.60%
Amortized Cost | Investment Type Concentration Risk | Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Concentration risk, percentage	2.60%
Amortized Cost | Investment Type Concentration Risk | Health Care Providers & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	5.90%
Amortized Cost | Investment Type Concentration Risk | IT Services
Schedule of Investments [Line Items]
Concentration risk, percentage	2.50%
Amortized Cost | Geographic Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%	100%
Amortized Cost | Geographic Concentration Risk | Mid-Atlantic
Schedule of Investments [Line Items]
Concentration risk, percentage	29.50%	41.60%
Amortized Cost | Geographic Concentration Risk | Gulf Coast
Schedule of Investments [Line Items]
Concentration risk, percentage	23.90%	33.90%
Amortized Cost | Geographic Concentration Risk | Southeast
Schedule of Investments [Line Items]
Concentration risk, percentage	20.50%	24.50%
Amortized Cost | Geographic Concentration Risk | Great Lakes
Schedule of Investments [Line Items]
Concentration risk, percentage	14.20%
Amortized Cost | Geographic Concentration Risk | Four Corners
Schedule of Investments [Line Items]
Concentration risk, percentage	6%
Amortized Cost | Geographic Concentration Risk | Cascade
Schedule of Investments [Line Items]
Concentration risk, percentage	5.90%
Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%	100%
Fair Value | Investment Type Concentration Risk | Commercial Services & Supplies
Schedule of Investments [Line Items]
Concentration risk, percentage	34.50%	45.80%
Fair Value | Investment Type Concentration Risk | Media
Schedule of Investments [Line Items]
Concentration risk, percentage	19.10%	30.50%
Fair Value | Investment Type Concentration Risk | Construction & Engineering
Schedule of Investments [Line Items]
Concentration risk, percentage	35.40%	23.70%
Fair Value | Investment Type Concentration Risk | Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Concentration risk, percentage	2.60%
Fair Value | Investment Type Concentration Risk | Health Care Providers & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	5.90%
Fair Value | Investment Type Concentration Risk | IT Services
Schedule of Investments [Line Items]
Concentration risk, percentage	2.50%
Fair Value | Geographic Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%	100%
Fair Value | Geographic Concentration Risk | Mid-Atlantic
Schedule of Investments [Line Items]
Concentration risk, percentage	29.40%	41.30%
Fair Value | Geographic Concentration Risk | Gulf Coast
Schedule of Investments [Line Items]
Concentration risk, percentage	24%	34.10%
Fair Value | Geographic Concentration Risk | Southeast
Schedule of Investments [Line Items]
Concentration risk, percentage	20.50%	24.60%
Fair Value | Geographic Concentration Risk | Great Lakes
Schedule of Investments [Line Items]
Concentration risk, percentage	14.20%
Fair Value | Geographic Concentration Risk | Four Corners
Schedule of Investments [Line Items]
Concentration risk, percentage	6%
Fair Value | Geographic Concentration Risk | Cascade
Schedule of Investments [Line Items]
Concentration risk, percentage	5.90%
First lien senior secured loans
Schedule of Investments [Line Items]
Amortized Cost	$ 125,989	$ 78,221
Fair Value	$ 126,039	$ 78,156
First lien senior secured loans | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	95%	92.50%
First lien senior secured loans | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	95%	92.70%
Equity
Schedule of Investments [Line Items]
Amortized Cost	$ 4,881	$ 4,631
Fair Value	$ 5,000	$ 4,631
Equity | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	3.70%	5.50%
Equity | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	3.80%	5.50%
Subordinated debt
Schedule of Investments [Line Items]
Amortized Cost	$ 1,780	$ 1,693
Fair Value	$ 1,651	$ 1,556
Subordinated debt | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1.30%	2%
Subordinated debt | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1.20%	1.80%
Warrants
Schedule of Investments [Line Items]
Amortized Cost	$ 0	$ 0
Fair Value	$ 0	$ 0
Warrants | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0%	0%
Warrants | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0%	0%

Fair Value Measurements of In_3

Fair Value Measurements of Investments - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 132,690		$ 84,343
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	132,690		$ 84,343
Level 3 | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net change in unrealized gain (loss)	$ 242	$ 129

Fair Value Measurements of In_4

Fair Value Measurements of Investments - Schedule of Fair Value Measurements of Investments, by Major Class (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 132,690	$ 84,343
First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	126,039	78,156
Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,651	1,556
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,000	4,631
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	132,690	84,343
Level 3 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	126,039	78,156
Level 3 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,651	1,556
Level 3 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,000	4,631
Level 3 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0

Fair Value Measurements of In_5

Fair Value Measurements of Investments - Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 84,343	$ 0
Purchases of investments and other adjustments to cost	48,737	40,837
Proceeds from sales and repayments of investments	(806)	(138)
Net accretion of discount on investments	174	2
Ending balance	132,690	40,830
Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	242	129
First lien senior secured loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	78,156	0
Purchases of investments and other adjustments to cost	48,401	40,837
Proceeds from sales and repayments of investments	(806)	(138)
Net accretion of discount on investments	174	2
Ending balance	126,039	40,830
First lien senior secured loans | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
First lien senior secured loans | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	114	129
Subordinated debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,556	0
Purchases of investments and other adjustments to cost	86	0
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments	0	0
Ending balance	1,651	0
Subordinated debt | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Subordinated debt | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	9	0
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,631	0
Purchases of investments and other adjustments to cost	250	0
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments	0	0
Ending balance	5,000	0
Equity | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Equity | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	119	0
Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Purchases of investments and other adjustments to cost	0	0
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments		0
Ending balance	0	0
Warrants | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Warrants | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	$ 0	$ 0

Fair Value Measurements of In_6

Fair Value Measurements of Investments - Investments at Amortized Cost and Fair Value (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 132,690	$ 84,343
First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	126,039	78,156
Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,651	1,556
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,000	4,631
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	132,690	84,343
Level 3 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	126,039	78,156
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 95,419	$ 78,156
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.091	0.128
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.100	0.109
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.137	0.147
Level 3 | First lien senior secured loans | Cost | Amortized Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 30,620
Level 3 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,651	$ 1,556
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,651	$ 1,556
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.163	0.163
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.160	0.160
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.165	0.165
Level 3 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,000	$ 4,631
Level 3 | Equity | EV/EBITDA | Comparable Multiples
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,000	$ 4,631
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	7.3	8
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	7	8
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	7.5	8
Level 3 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0
Level 3 | Warrants | EV/EBITDA | Comparable Multiples
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	8.8	8.8
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	8.5	8.5
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	9	9

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		6 Months Ended
	Feb. 02, 2022	Jun. 30, 2023	Feb. 02, 2024	Jan. 27, 2023	Dec. 31, 2022	Jun. 30, 2022	Apr. 30, 2021	Mar. 31, 2021
Line of Credit Facility [Line Items]
Asset coverage ratio		150%					150%	200%
Asset coverage ratio of 150% borrowing increase amount		$ 200
Asset coverage ratio of 200% borrowing increase amount		100
Total debt outstanding		4,000,000				$ 17,000,000
Lafayette Square | SBIC LP
Line of Credit Facility [Line Items]
Committed capital		37,000,000
SBA Debentures | SBIC LP
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		175,000,000		$ 175,000,000
Amount outstanding		$ 0
Debt instrument, term		10 years
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 38,400,000			$ 38,400,000
Total debt outstanding		4,000,000			31,500,000
Revolving Credit Facility | Subscription Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 38,400,000	38,400,000			38,400,000
Total debt outstanding		$ 4,000,000			$ 31,500,000
Revolving Credit Facility | Subscription Facility | Line of Credit | Forecast
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,000,000,000
Revolving Credit Facility | Subscription Facility | Line of Credit | Margin Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.80%
Revolving Credit Facility | Subscription Facility | Line of Credit | Federal Fund Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Repurchase Obligation | Line of Credit
Line of Credit Facility [Line Items]
Reverse repurchase agreement, maximum period for repurchase		90 days

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subscription Facility
Line of Credit Facility [Line Items]
Interest expense	$ 133	$ 4	$ 299	$ 4
Non-usage fee	20	11	42	16
Amortization of deferred financing costs	$ 100	$ 46	$ 169	$ 75
Weighted average stated interest rate	8.09%	4.75%	7.10%	4.75%
Weighted average outstanding balance	$ 6,593	$ 17,000	$ 8,497	$ 17,000
Repurchase Obligation
Line of Credit Facility [Line Items]
Interest expense	$ 295	$ 0	$ 376	$ 0
Weighted average stated interest rate	8.66%	0%	8.67%	0%
Weighted average outstanding balance	$ 13,659	$ 0	$ 8,750	$ 0

Debt - Schedule of Line of Cred

Debt - Schedule of Line of Credit Facilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Feb. 02, 2022
Line of Credit Facility [Line Items]
Principal Amount Outstanding	$ 4,000,000		$ 17,000,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Aggregate Principal Amount Available	38,400,000	$ 38,400,000
Principal Amount Outstanding	4,000,000	31,500,000
Unused Portion	34,400,000	6,900,000
Revolving Credit Facility | Subscription Facility | Line of Credit
Line of Credit Facility [Line Items]
Aggregate Principal Amount Available	38,400,000	38,400,000		$ 38,400,000
Principal Amount Outstanding	4,000,000	31,500,000
Unused Portion	$ 34,400,000	$ 6,900,000

Related Party Agreements and _3

Related Party Agreements and Transactions - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) component calendarQuarter	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) component calendarQuarter	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Management fee	$ 348	$ 2	$ 604	$ 2
Management fee payable	348		348		$ 167
Incentive fee	319	0	515	0
Incentive fee payable	318		318		0
Administrative fee	172	12	349	12
Due to affiliate	340		340		120
Related Party
Related Party Transaction [Line Items]
Incentive fee	319		515
Incentive fee payable	318		318		0
Due to affiliate	$ 340		$ 340		120
Investment Advisory Agreement | Related Party
Related Party Transaction [Line Items]
Adviser fees, number of components | component	2		2
Base management fee annual rate, number of most recently completed calendar quarters | calendarQuarter	2		2
Management fee	$ 348	2	$ 604	2
Management fee payable	$ 348		$ 348		167
Advisor incentive fee, number of parts | component	2		2
Investment Advisory Agreement | Related Party | Minimum
Related Party Transaction [Line Items]
Management and service fees, incentive rate			0.75%
Investment Advisory Agreement | Related Party | Maximum
Related Party Transaction [Line Items]
Management and service fees, incentive rate			1%
Pre-Incentive Fee Net Investment Income Quarterly Returns | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			1.25%
Pre-Incentive Fee Net Investment Income Annual Returns | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			5%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Payment Percentage | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			100%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Quarterly Threshold Percentage | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			1.47%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Annualized Threshold Percentage | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			5.88%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Threshold | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			15%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Maximum Threshold | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			17.50%
Investment Advisory Agreement Incentive Rate Pre Liquidity Event Incentive Fee Capital Gains | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			15%
Investment Advisory Agreement Incentive Rate Pre Liquidity Event Incentive Fee Capital Gains | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			17.50%
Administration Agreement | Related Party
Related Party Transaction [Line Items]
Number of days written notice			60 days
Administrative fee	$ 172	$ 12	$ 349	$ 12
Administrative fee payable	$ 143		$ 143		$ 550
Expense Support And Conditional Reimbursement Agreement | Related Party
Related Party Transaction [Line Items]
Payment term, expense payments			45 days
Excess operating funds Payments, expense payments period			3 years

Related Party Disclosures - Exp

Related Party Disclosures - Expense Payments and Related Reimbursement Payments (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended		13 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Related Party Transactions [Abstract]
Expense Payments by Adviser	$ 0	$ 225	$ 227					$ 452
Reimbursement Payments to Adviser	(329)	0	0	$ 329	$ (227)	$ 329	$ (227)	(329)
Unreimbursed Expense Payments	$ (329)	$ 225	$ 227					$ 123

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Fair Value	$ 132,690	$ 84,343
Line of Credit
Other Commitments [Line Items]
Fair Value	$ (65)	$ (109)

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Unfunded Commitment	$ 9,771	$ 12,995
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans
Other Commitments [Line Items]
Unfunded Commitment	$ 9,771	$ 12,995

Directors Fees (Details)

Directors Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 27, 2022
Schedule of Investments [Line Items]
Directors' fees	$ 80	$ 8	$ 160	$ 16
Independent Director
Schedule of Investments [Line Items]
Directors' fees authorized					$ 100
Audit Committee
Schedule of Investments [Line Items]
Directors' fees authorized					20
Director
Schedule of Investments [Line Items]
Directors' fees authorized					$ 10

Share Data and Distributions -

Share Data and Distributions - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings (loss) per common share (basic and diluted):
Net increase (decrease) in net assets resulting from operations	$ 1,638	$ 62	$ 2,829	$ (161)
Weighted average common shares outstanding, basic (in shares)	10,859,486	77,495	8,832,228	39,310
Weighted average common shares outstanding, diluted (in shares)	10,859,486	77,495	8,832,228	39,310
Earnings (loss) per common share basic (in dollar per share)	$ 0.15	$ 0.80	$ 0.32	$ (4.09)
Earnings (loss) per common share diluted (in dollar per share)	$ 0.15	$ 0.80	$ 0.32	$ (4.09)

Share Data and Distributions _2

Share Data and Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Preferred stock shares authorized (in shares)	50,000,000	50,000,000
Preferred stock par value (in dollar per shares)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	450,000,000	450,000,000
Common stock par value (in dollar per shares)	$ 0.001	$ 0.001
Common Stock | Private Placement
Subsidiary, Sale of Stock [Line Items]
Committed capital	$ 353.4	$ 196.6
Unfunded capital commitments	$ 160.6	$ 73.9

Share Data and Distributions _3

Share Data and Distributions - Share Issuance (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Jun. 27, 2023	Mar. 28, 2023	Jan. 26, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Shares issued (in shares)	4,392,543	1,188,592	2,510,396			8,091,531
Shares issued, value	$ 65,097	$ 17,746	$ 37,129	$ 65,097	$ 26,206	$ 119,972	$ 26,206

Share Data and Distributions _4

Share Data and Distributions - Dividends Declared (Details) - $ / shares	Jun. 23, 2023	Apr. 21, 2023
Equity [Abstract]
Dividends payable, amount per share (per share)	$ 0.15	$ 0.15
Dividends declared (in dollar per share)	$ 0.15	$ 0.15

Tax Matters - Tax Character Of

Tax Matters - Tax Character Of Distributions Paid to Shareholders (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Ordinary Income	$ 2,589	$ 0
Long-term Capital Gain	0	0
Return of Capital	$ 0	$ 0

Tax Matters - Schedule of Accum

Tax Matters - Schedule of Accumulated Gains (Losses) as Calculated on Tax Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax cost	$ 132,650	$ 84,545
Gross unrealized appreciation	453	177
Gross unrealized depreciation	(413)	(379)
Net unrealized investment appreciation / (depreciation) on investments	$ 40	$ (202)

Tax Matters - Schedule of Defer

Tax Matters - Schedule of Deferred Tax Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Deferred tax assets:
Net operating loss carryforward	$ 101
Capital loss carryforward	28
Net unrealized loss on investments	51
Organizational costs	31
Valuation allowance	(211)
Total deferred tax assets	0
Deferred tax liabilities:
Total deferred tax liabilities	0
Net deferred tax assets and liabilities	$ 0

Tax Matters - Schedule of Compo

Tax Matters - Schedule of Components of Income Tax (Expense) Benefit (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Current tax (expense)/benefit:
Federal	$ 0
State and Local	0
Total current tax (expense)/benefit	0
Deferred tax (expense)/benefit:
Federal	175
State and Local	36
Valuation allowance	(211)
Total deferred tax (expense)/benefit	0
Total income tax (expense)/benefit	$ 0

Tax Matters- Schedule of Effect

Tax Matters- Schedule of Effective Income Tax Rate Reconciliation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate (21%)	$ 100
State and local income tax benefit (net of federal detriment)	21
Prior year net operating loss carryforward	97
Organizational costs	33
Permanent differences	(40)
Valuation allowance	(211)
Total income tax (expense)/benefit	$ 0

Tax Matters- Narrative (Details

Tax Matters- Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforward for federal income tax		$ 397
Short term capital loss carryforward	$ 110	$ 111
Capital gains offset expiration period	5 years

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollar per share)			$ 14.60	$ (720.91)
Net investment income (loss) (in dollar per share)			0.29	(7.37)
Net realized and unrealized gain (loss) (in dollar per share)			0.03	3.28
Net increase (decrease) in net assets resulting from operations (in dollar per share)			0.32	(4.09)
Initial issuance of Common Stock (in dollar per share)			0	739.61
Effect of offering price of subscriptions (in dollar per share)			0.14	0
Distributions declared (in dollar per share)			(0.30)	0
Net asset value, end of period (in dollar per share)	$ 14.76	$ 14.61	$ 14.76	$ 14.61
Total return based on NAV			1.10%	(102.03%)
Common shares outstanding, end of period (in shares)	13,038,253	1,748,483	13,038,253	1,748,483		4,916,554
Weighted average common shares outstanding, basic (in shares)	10,859,486	77,495	8,832,228	39,310
Weighted average common shares outstanding, diluted (in shares)	10,859,486	77,495	8,832,228	39,310
Net assets, end of period	$ 192,442	$ 25,541	$ 192,442	$ 25,541	$ 127,848	$ 71,782	$ (727)	$ (504)
Ratio/Supplemental data:
Ratio of net investment income (loss) to average net assets			4.47%	(9.78%)
Ratio of expenses to average net assets			7.24%	10.29%
Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets			4.15%	10.69%
Weighted average debt outstanding			$ 17,247	$ 17,000
Total debt outstanding	$ 4,000	$ 17,000	$ 4,000	$ 17,000
Asset coverage ratio per unit	$ 49,110	$ 2,502	$ 49,110	$ 2,502
Portfolio turnover			0%

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jul. 05, 2023 USD ($)
Subsequent Event | SBA | Line of Credit
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 36,960